After Meteoric Run-Up, Prana Biotechnology (PRAN) Sells Stock
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After skyrocketing 150 percent over the past two sessions, Prana Biotechnology Ltd. (Nasdaq: PRAN) is down 13 percent in pre-open action after announcing plans to raise $6.2 million in a private placement.
Under the terms of the offering, Prana is selling approximately 27,200,000 ordinary shares (equivalent to 2,720,000 ADRs) at a price of A$0.225 per share (A$2.25 per ADR).
Rodman & Renshaw acted as the exclusive placement agent for the offering.
Shares of the company surged recently after announcing the publication of new data on the ability of PBT2 to repair the damage in an Alzheimer's affected brain thereby facilitating the restoration of cognition in Alzheimer's Disease.
Shares of Prana Biotechnology last traded at $3.20.
Under the terms of the offering, Prana is selling approximately 27,200,000 ordinary shares (equivalent to 2,720,000 ADRs) at a price of A$0.225 per share (A$2.25 per ADR).
Rodman & Renshaw acted as the exclusive placement agent for the offering.
Shares of the company surged recently after announcing the publication of new data on the ability of PBT2 to repair the damage in an Alzheimer's affected brain thereby facilitating the restoration of cognition in Alzheimer's Disease.
Shares of Prana Biotechnology last traded at $3.20.
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