StemCells (STEM -14%) falls double-digits after the company prices an 11.17M unit public offering at a 14% discount to Tuesday's close.
The units consist of one common share and a warrant to purchase half a share (exercise price is $1.80).
Gross proceeds should be in the neighborhood of $16M before underwriter discounts, etc.
There's also an underwriter option for 1,675,500 units. (PR)
Separately, the FDA has authorized STEM's IND for clinical testing of HuCNS-SC in spinal cord injuries. (PR)