Stock Alert: Precigen Slips 7%

(RTTNews) - Shares of Precigen, Inc. (PGEN) slipped 7% on Friday morning after the company said it will raise $112.5 million from a public offering of 15 million common shares.

PGEN is currently trading at $8.49, down $0.65 or 7.11%, on the Nasdaq.

Precigen priced its public offering of 15 million common shares at $7.50 per share, which will raise proceeds of about $112.5 million. The offering is expected to close on January 26, 2021.

Precigen intends to use the proceeds to fund the development of clinical and preclinical product candidates and for working capital and other general corporate purposes.