AxoGen (NASDAQ:AXGN) closes its public offering of 2,333,334 shares of common stock at $7.50. The underwriters exercised in full their option to buy an additional 350K shares. Net proceeds were $18.6M. Net proceeds will fund working capital.
Thinly-traded nano cap AxoGen (NASDAQ:AXGN) is up 16% premaket on light turnover. The stock looks like it will build on yesterday's 8% up move on a massive 17x surge in volume.
There is no particular news driving the positive money flow although there has been steady insider buying over the last half of the year. CEO Robert Johnston bought 10K shares earlier this month at $3.06.
AxoGen provides off-the-shelf nerve allografts for the surgical repair of peripheral nerve discontinuties.