Cadence Pharmaceuticals Inc. (CADX)

[mlkrborn]

CADX $3.97 with shares sale news:
Cadence Pharma plans $75 million stock offering
Cadence Pharmaceuticals plans $75 million public offering of shares; stock tumbles
APAP – 5 hours ago


* Cadence Pharmaceuticals Inc.

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Symbol Price Change
CADX 3.97 -1.09

SAN DIEGO (AP) -- Cadence Pharmaceuticals Inc. said Monday it plans to sell $75 million in shares in a public stock offering subject to market conditions, and shares slid 16 percent in late morning trading.

The San Diego biopharmaceutical company has posted an annual net loss for the past seven years.

Shares fell 83 cents to $4.24.

Company shares often fall after a stock offering is announced because existing investors worry the offering will dilute the value of their shares.