Shares of biopharmaceutical company Terna Pharmaceuticals (NASDAQ:TERN) were down in the pre-market session today after the company announced an underwritten public offering worth $75 million of its shares.
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Further, the company has also granted a 30-day option to the underwriters to acquire additional shares in the company.
Terns plans to use the proceeds from the offering to advance its development pipeline as well as for working capital and general corporate purposes.
Shares of the company have jumped nearly 360% over the past six months.
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