NEW YORK (TheStreet) -- Ignyta (RXDX) shares are down 6.24% to $17.27 in early afternoon trading on Thursday after the development stage biopharmaceutical company priced the secondary offering of 4,285,714 million shares at $17.50 per share.
The gross proceeds from the offering are expected to be approximately $75 million before deducting discounts and commissions. Underwriters will be granted 30 days to purchase up to an additional 642,857 shares.
The offering is expected to close June 16.
The company said that it plans to use proceeds from the offering to fund research and development programs.