NEW YORK (TheStreet) -- Shares of Anthera Pharmaceuticals Inc. (ANTH) were dropping, sharply down 7.43% to $7.72 on heavy volume in late morning trading Thursday, after the company priced its underwritten public offering this morning.
The pharmaceutical company announced that it had priced 3,333,334 shares of its common stock at $7.50 a piece.
Anthera granted the underwriters a 30-day option to buy an additional 500,000 shares of common stock.
The company said it plans to the proceeds from the offering for clinical research and development, as well as general corporate purposes.
Anthera estimates that the gross proceeds from the offering, before deducting expenses, will be about $25 million.
The company expects the offering to close on July 14.
Hayward, Calif.-based Anthera Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation and autoimmune diseases.