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Stem cell therapy developer StemCells Inc. said Friday it will raise $9.4 million by selling 10 million shares of its stock to institutional investors at $1 per share.

The company is selling the shares at a discount of 9.9 percent from its Thursday closing price of $1.11. StemCells said the sale is expected to close today, and the investors will have an option to buy up to 6 million more shares at the same price.

Shares of StemCells have traded between 75 cents and $1.58 in the last year. The stock declined 14 cents, or 12.5 percent, to 97 cents in afternoon trading.

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