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By Ben Glickman
Shares of Athersys fell Friday after the company priced a public offering.
Its stock was down 26% to 29 cents in morning trading, reaching a new 52-week low. Shares have fallen 66% this year.
The Cleveland-based biotechnology company said late Thursday that it would sell 10.9 million shares of common stock or common stock equivalents at 32 cents a share.
Athersys plans to use the expected gross proceeds of $3.5 million for general corporate purposes. The offering is expected to close Aug. 21.
Write to Ben Glickman at [email protected]
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