Here's Why Unity Biotechnology Shares Are Nosediving Today

Unity Biotechnology Inc UBX shares are trading lower by 19.8% to $1.10 Wednesday morning after the company announced a $25 million common stock offering.

What Else?

Unity says the company intends to use the net proceeds from the proposed offering to fund the ongoing clinical development of UBX1325, including the BEHOLD and ENVISION studies, and other general corporate purposes, including working capital, operating expenses and capital.

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According to data from Benzinga Pro, Unity Biotechnology has a 52-week high of $3.64 and a 52-week low of $0.55.