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Shares of Menlo Therapeutics(NASDAQ: MNLO) were sinking 10.4% as of 3:20 p.m. EDT on Friday after dropping as much as 14% earlier in the day. The decline came after the company announced the pricing of a stock offering Friday morning.
Menlo plans to sell 27.05 million shares at $1.85 per share. The number of shares being offered represents nearly 20% of the total number of outstanding shares. The offering price reflects a 16% discount to the Thursday closing price for the biotech.