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NEW YORK (TheStreet) -- Ocera Therapeutics  (OCRX) plunged Thursday after the company priced its secondary offering of 4.2 million shares of common stock at $6 a share.

The offering will raise gross proceeds of $25.2 million before deduction of the underwriting discount and other offering expenses, Ocera said in a statement. The offering includes a 30-day option for underwriters to purchase up to 630,000 additional shares of common stock, which would result in additional gross proceeds of $3.78 million if fully exercised.

The stock was down 16.69% to $5.94 at 3:38 p.m. More than 1.1 million shares changed hands, which dwarfed the average volume of 46,163.

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