Codexis Inc. (NASDAQ:CDXS) shares fell sharply in Thursday’s after-hours trading after the biotechnology company priced an underwritten public offering of common stock.

Codexis shares closed Thursday’s regular session down 3.40% at $1.99 before falling another 20.60% in after-hours trading to $1.58.

The company develops enzymatic solutions used in the manufacturing of complex therapeutics, including RNA-based medicines, through its proprietary CodeEvolver® technology.

Announcement of Public Offering

Codexis announced the pricing of an underwritten public offering of 16.7 million common shares at $1.50 per share, below Thursday’s closing price of $1.99. The company expects to raise approximately $23.1 million in net proceeds after underwriting discounts and offering expenses.

The company also granted the underwriters a 30-day option to purchase up to an additional 2.5M shares to cover over-allotments.

Codexis said it intends to use the proceeds for working capital and other general corporate purposes, including research, development and business activities.

Trading Metrics

Codexis has a market capitalization of approximately $180.88 million, with a 52-week high of $3.87 and a 52-week low of $0.96.

Over the past 12 months, CDXS shares have declined approximately 38.58%.

Benzinga Edge Stock Rankings show negative price trends across the short-, medium- and long-term time frames.

Photo Courtesy: TIMS13 on Shutterstock.com

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