Ziopharm Oncology Inc. said Friday it is offering about 15.5 million common shares and warrants to buy 7.7 million shares in a public offering.
Ziopharm expects to net about $45.2 million, and it plans to use proceeds for clinical development of its product candidates and other corporate purposes.
The company priced the offering at $3.10 per unit. The warrants, which represent the right to buy a half-share of common stock for each common share bought in the offering, will have a five-year term from the date issued and are exercisable at $4.02 per share.
The company has about 24.1 million shares of common stock outstanding.
JMP Securities LLC and Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group Inc., are the co-lead managers in the offering, which is expected to close on Dec. 9.
Ziopharm's stock fell 69 cents, or 19 percent, to $2.97 in afternoon trading.