Rein Therapeutics Inc. (RNTX), a clinical-stage biopharmaceutical company, announced the pricing of its 50 million share offering at $1 per share to raise $50 million in gross proceeds.
In the pre-market trading on Friday, shares of Rein dropped over 20%.
The offering is expected to close on May 4, 2026.
Rein has given underwriters a 45-day option to purchase an additional 7.5 million shares of common stock, at the same price of the public offering.
The proceeds from the offering will be used to fund the ongoing Phase 2 clinical trial for the company's lead drug candidate, LTI-03, in treating idiopathic pulmonary fibrosis (IPF), in addition to working capital and for general corporate purposes.
The company believes that the proceeds with its existing cash and cash equivalents, can fund operations till 2028.
RNTX closed Thursday at $1.35, up 6.27%. IN the pre-market, the stock is trading at $1.06, down 21.77%.
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