Shares of Advaxis Inc. plummeted 25% to pace all premarket declines Wednesday, after the biotechnology company's public offering of shares priced at a deep discount. The company said its offering of 2.5 million shares to the public priced at $4.00 a share, or 32% below Tuesday's split-adjusted closing price of $5.90. A 1-for-15 reverse stock split went into effect on March 29. The company expects proceeds of about $10 million from the offering, which it intends to use to fund research and development of its product pipeline. Advaxis is focused on the development of immunotherapy products. The share offering comes after the stock has more than doubled year to date through Tuesday (up 107%), but has plunged 76% over the past 12 months. In comparison, the iShares Nasdaq Biotechnology ETF has gained 17% year to date and the S&P 500 has advanced 14%.