Shares of Flexion Therapeutics Inc. (FLXN) were down 3.8% to $26.15 in premarket trading on Wednesday, Oct. 11, after the Burlington, Mass.-based firm announced a proposed public offering of 4 million shares. In a news release after the market close on Tuesday, the company said it expects to give underwriters a 30-day option to buy up to an additional 15% of shares.
The proposed offering came after Flexion on Oct. 6 received approval from the U.S. Food and Drug Administration for osteoarthritis knee pain treatment Zilretta.
Flexion said it plans to use the net proceeds from the offering to fund manufacturing and commercialization of Zilretta, as well as to fund product pipeline development. It also plans to use the proceeds for working capital and general corporate purposes.
Meanwhile, shares of Abeona Therapeutics Inc. (ABEO) rose 2.7% to $20.49 after the the company said two patients were enrolled in its ABO-102 Phase 1/2 clinical trial in Australia and the U.S. The two patients have been created with the Cohort 3 dose of ABO-102.
Among the other biotech movers was Aerie Pharmaceuticals Inc. (AERI) , up 10.2% to $61.