Protagonist Therapeutics Declines 8% After Pricing 5 Mln Share Offering

(RTTNews) - Shares of Protagonist Therapeutics, Inc. (PTGX) are falling more than 8% Wednesday morning after the company priced its previously-announced public offering of 5 million shares at $20 per share.

The company expects gross proceeds of about $100 million from the offering, which is expected to close on or about April 10.

Protagonist plans to use the net proceeds to fund its clinical development and pre-commercialization activities associated with rusfertide and for working capital and general corporate purposes.

PTGX is at $19.80 currently. It has traded in the range of $6.91-$25.76 in the last 1 year.