NEW YORK (TheStreet) -- Flexion (FLXN) - Get Report stock closed down by 12.37% to $14.10 on heavy trading volume on Wednesday, after the company announced plans to raise $77 million through the sale of newly issued stock.
The company will sell 5.5 million shares of its common stock at a price of $14 each. Flexion also has granted the underwriters a 30-day option to purchase another 825,000 shares of common stock at the public offering price.
The transaction is expected to close around June 13.
Flexion is a Burlington, MA-based pharmaceutical company focused on the development and commercialization of therapies for the treatment of patients with musculoskeletal conditions.
About 3.32 million shares of Flexion were traded today, well above the company's average trading volume of roughly 328,248 shares per day.