Precision BioSciences Sinks 30%; Sets $40 Mln Stock Offering

(RTTNews) - Shares of Precision BioSciences, Inc. (DTIL) are falling more than 30 percent Friday morning after the company announced $40 million public offering of stock and warrants.

The company has agreed to sell 2.5 million shares and accompanying warrants for up to 2.5 million shares at a combined price of $16.00 price per share.

Precision intends to use the net proceeds of the offering to fund its research and development programs, and for working capital and general corporate purposes.

DTIL, currently at $12.88, has traded in the range of $8.25 - $36.15 in the last 1 year.