Shares of Ampio Pharmaceuticals (NYSEMKT:AMPE) fell in Friday’s pre-market session, after the biopharmaceutical company priced a public offering of 8.5 million shares at $7 per share, a 12% discount to the stock’s Thursday closing price.

The shares were off 6.2% at $7.45 in recent pre-market trading. They have a 52-week range of $3.75 to $10.86. Net proceeds of the offering are expected to be approximately $55 million.

The company intends to use the net proceeds for working capital and for general corporate purposes. Ampio also granted the underwriters a 30-day option to purchase up to an additional nearly 1.3 million shares of common stock. The offering is expected to close on or about March 5.

Ampio Pharmaceuticals (AMPE) is currently trading at $7.48 down -5.8% in pre-market on 132100 shares traded. AMPE is trading -4.02% below its 50 day moving average and 10.72% above its 200 day moving average. AMPE is -26.89% below its 52-week high and 111.73% above its 52-week low.

About the company

Ampio Pharmaceuticals is a development stage biopharmaceutical company focused on the discovery and development of novel therapies aimed at treating common inflammatory conditions for which there are limited treatment options. We are developing compounds that serve significant medical needs in osteoarthritis, diabetic macular edema, and other prevalent, inflammatory diseases through an innovative discovery and development platform.