Relmada Stock Falls After Equity Raise Of $150M To Fund Depression Candidate

Relmada Therapeutics Inc RLMD priced an upsized underwritten public offering of 8.82 million shares at $17.00 per share, with gross proceeds of approximately $150 million.
The offer price represents a discount of almost 8% from the last close price of $18.54 on Wednesday.
Earlier, the company offered to sell $100 million of shares.
The offering will close by December 13.
Underwriters have an option to purchase up to an additional 1.32 million shares.
Relmada will use the proceeds to fund R&D activities for its lead product candidate, REL-1017 (esmethadone), for depression and other potential indications.
Related Link: Relmada Sees Price Target Bump From Leerink, Truist After Positive Data From MDD Candidate.
Price Action: RLMD shares are down 2.91% at $18 during the premarket session on the last check Thursday.