Inovio to raise $55M in stock sale
Inovio Pharmaceuticals Inc., of Blue Bell, on Thursday said it will raise about $55 million in an offering of 19 million common shares at $2.90 per share.
Inovio is developing synthetic vaccines for cancer and infectious diseases.
The stock offering is expected to close on or around March 4, Inovio said. The company intends to use net proceeds for general purposes, including clinical trial expenses, research and development and other expenses.
Shares were down 8 percent, or 30 cents, to $3.43 in midday trading. - Reid Kanaley