ANIX - Anixa Biosciences plunges on upsizing stock offering to $22.5M

Anixa Biosciences (ANIX) slumps 23.9% in premarket trade after underwriters agreed to increase its earlier announced offering and purchase on a firm commitment basis 4.29M shares at $5.25/share.Underwriters granted 30-day option to purchase up to an additional 642,857 shares.Gross proceeds expected to be ~$22.5M; net proceeds to be used for general corporate purposes, including, but not limited to, ongoing research and pre-clinical studies, clinical trials, the development of new biological and pharmaceutical technologies, investing in or acquiring companies that are synergistic with or complementary to its technologies, and licensing activities related to current and future product candidates and working capital.Offer expected to close on or about Mar.25.

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Anixa Biosciences plunges on upsizing stock offering to $22.5M