By Colin Kellaher
Seelos Therapeutics shares fell sharply on Thursday, extending Wednesday’s steep loss and hitting another all-time low, after the clinical-stage biopharmaceutical company said it was raising $4.5 million in a registered direct equity offering.
Shares of the New York company, which ended Wednesday’s session at 33 cents with a 69% loss after hitting an all-time low of 23 cents following the release of disappointing study results, were recently down 32% to 21 cents after touching a new low of 20 cents.
Seelos on Thursday said it agreed to sell 15 million shares, along with warrants to buy up to 10 million shares, to certain institutional at a combined price of 30 cents per share and accompanying warrant.
Seelos had about 127.4 million shares outstanding prior to the sale.
Write to Colin Kellaher at colin.kellaher@wsj.com
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