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NEW YORK (AP) - Shares of Oculus Innovative Sciences Inc. are down sharply following the wound care and anti-infection product company's secondary offering of common stock.
Shares fell $1.62, or 23.7 percent, to $5.22 in afternoon trading. Shares have traded between $3.20 and $11.48 over the last 52 weeks.
The Petaluma, Calif.-based company went public in January 2007. The new offering, to institutional investors, is expected to raise just over $13.9 million and will close by April 1. Proceeds will be used to prepare for clinical trials, operations, and future investments.
The offer includes just under 2.7 million shares of common stock and warrants to buy just over 1.3 million shares of stock. Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group Inc. is the placement agent for the offering.
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