Why Xenon Pharmaceuticals Shares Are Falling Afterhours - Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals Inc XENE announced an underwritten public offering of its common shares.
Underwriters of the offering will be granted an option for a period of 30 days to purchase an additional 15% of common shares at the public offering price.
Jefferies, J.P. Morgan, SVB Securities, and Stifel are acting as joint book-running managers for the offering.
An automatically effective shelf registration statement relating to the securities offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on October 4, 2021.
Additionally, the company announced new, compelling efficacy data supporting the late-stage, Phase 3 development of XEN1101.
"We have generated additional efficacy data from subgroup analyses of our Phase 2b X-TOLE trial, which further support our Phase 3 development plans for XEN1101. A 'time course to efficacy' analysis shows that all doses of XEN1101 rapidly reduced the frequency of focal onset seizures within one week compared to placebo, suggesting that XEN1101 may offer a compelling and differentiated option for patients seeking to quickly reduce seizure frequency," stated Mr. Ian Mortimer, Xenon's President, and Chief Executive Officer.
Price Action: XENE shares are trading lower by 8.04% at $31.91 during the post-market session on Wednesday.

Xenon Pharmaceuticals Shares Drop On Proposed Public Offering