Biomea Fusion Inc‘s (NASDAQ:BMEA) stock price plummeted after the company priced its public offering.

The public offering includes 11.2 million shares of common stock and accompanying warrants to purchase an equal number of shares.

Certain investors will receive pre-funded warrants for up to 1 million shares, with warrants to purchase an additional 1 million shares.

The offering also includes a 30-day option for underwriters to purchase up to 1.83 million additional shares and warrants.

The common stock and pre-funded warrants are sold with warrants to purchase one share of common stock at an exercise price of $2.50.

The offering is expected to raise approximately $25 million in gross proceeds, with the offering closing on Oct. 8, subject to customary conditions.

Jefferies is the sole book-running manager, and H.C. Wainwright & Co. is the lead manager.

The ...