Rockwell Medical (RMTI) Stock Falls After Company Prices Public Offering

NEW YORK (TheStreet) -- Shares of Rockwell Medical  (RMTI) fell 7.85% to $9.04 in morning trading Thursday after the company priced a public offering of common stock.

The company, which targets end-stage renal disease (ESRD) and chronic kidney disease (CKD), announced late Wednesday it had priced the offering of 6.5 million shares at $9 per share for gross proceeds of $58.5 million. Rockwell expects net proceeds of approximately $54.7 million.

The offering contains a 30-day option for underwriters to purchase up to an additional 975,000 shares.

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Rockwell plans to use the net proceeds to repay outstanding secured indebtedness and for other general corporate purposes. The company expects the offering to close on or about November 25.

RMTI Chart RMTI data by YCharts

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