Medical device maker MELA Sciences Inc. said Wednesday it will publicly offer 2.2 million shares of common stock at a discount.
The company offered the shares at $7.50 apiece, marking a 9.6 percent discount from the stock's closing price of $8.30 on Tuesday.
Shares of MELA fell 98 cents, or 11.8 percent, to $7.32 in afternoon trading on Wednesday. They reached an annual lowpoint of $7.25 apiece earlier in the trading session.
The company granted underwriters a 30-day option to buy up to an additional 15 percent of stock to cover over-allotments.
MELA said it will use proceeds to fund research and development and general corporate purposes. The stock offering is expected to close on July 6.
Needham & Co. and Leerink Swann are acting as joint book-running managers for the offering.