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.