Irvine-based biotechnology company AtheroNova Inc. priced an offering of 4 million shares of its stock and warrants to buy its stock.
The company announced the offering after the market closed Tuesday. Shares dropped 80% Wednesday to a market value of $1.53 million but recovered slightly in midday trading Thursday to a market value of $1.8 million
AtheroNova is developing drugs to treat atherosclerosis, which is caused by the artery buildup of several substances into plaques.
The company is offering the new stock at 75 cents a share.
AtheroNova said in a news release it expects gross proceeds from the offering of $3.05 million, and net proceeds would be used for general corporate purposes.
