NEW YORK (TheStreet) -- Synthetic Biologics (SYN) - Get Report shares are down 15.55% to $3.10 on heavy volume Thursday afternoon, after the biopharmaceutical company priced its underwritten secondary offering today.

The company will be offering 13.3 million shares of common stock at $3 per share, a 20% downside from the stock's closing price on Thursday.

The company expects net proceeds of $37 million from the offering after paying all associated fees.

The offering is expected to close on or before July 21.

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