Tekmira Pharma plans $30M stock offering

Tekmira Pharmaceuticals says it will sell 3.8M shares of stock for $8 a share

Associated Press

NEW YORK (AP) -- Tekmira Pharmaceuticals said Thursday that it plans to sell 3.8 million shares of its stock for $8 per share.

Tekmira expects $30 million in gross proceeds. It said the underwriters of the offering will have an option to buy 562,500 more shares to cover over-allotments.

Shares of the Canadian drug developer closed at $8.82 on Wednesday. The offering is being made at a 9.3 percent discount to that price.

The company said it expects the sale to close Tuesday.

Shares of Tekmira Pharmaceuticals Corp. lost 57 cents, or 6.5 percent, to $8.25 in afternoon trading.

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