Inovio Pharma plunges on $25 mln stock-and-warrants offering

Inovio Pharmaceuticals' INO.O shares down 33% premarket to $1.43 after follow-on prices

Plymouth Meeting, Pennsylvania-based firm announces ~14.3 mln shares along with warrants to buy additional 14.3 mln shares at $1.75 for $25 mln gross proceeds

Offering price represents 18.2% discount to stock's last close

It intends to use net proceeds primarily for development of clinical pipeline, preparing for a potential commercial launch of INO-3107, if approved, and for general purposes, per the prospectus

INO-3107 is a potential treatment for recurrent respiratory papillomatosis, a benign tumor disease

With ~36.7 mln shares outstanding, co has about $78 mln market cap through Weds

INO shares on Weds ended up 4.9%, up 17% YTD

Piper Sandler sole active bookrunner for the offering, joined by Oppenheimer

Avg rating among 5 analysts is "buy" and median PT is $10, LSEG data reflects