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[sludgehound]

HRTX down on offer $11.75

09:21 AM EDT, 06/25/2014 (MT Newswires) -- Heron Therapeutics (HRTX) shares fell in Wednesday's pre-market session, after the pharmaceutical company priced an offering of 4.5 million shares of common stock at $11.75 per share, an 8% discount to the stock's Tuesday closing price.
Heron Therapeutics also granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock.
Also, in lieu of common stock Heron Therapeutics is offering to certain existing large investors pre-funded warrants to purchase up to an aggregate of 600,000 shares of common stock at $11.74 per warrant, which represents the per-share offering price for the common stock less the $0.01 per share exercise price for each such pre-funded warrant.
Gross proceeds will be approximately $60 million. The company intends to use net proceeds for general corporate purposes, funding ongoing and future clinical trials and for general and administrative expenses. The offering is expected to close on or about June 30.
HRTX was down 10% at $11.45 in recent pre-market trading, in a 52-week range of $6.40 to $15.82.
Price: 11.49, Change: -1.28, Percent Change: -10.02
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