Shares in Quotient (NASDAQ:QTNT) were marked sharply lower on Friday morning, tumbling to $2.69 to $7.61 after the medical diagnostics company announced a fund-raising.
The company intends to offer 4.44mln shares at $9 a share to raise $36.9mln. It has also granted the underwriter an option to purchase up to an additional 666,666 ordinary shares.
Quotient is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets.
With an initial focus on blood grouping and donor disease screening, Quotient is developing its proprietary MosaiQ technology platform to offer a breadth of tests that is unmatched by existing commercially available transfusion diagnostic instrument platforms.
The company's operations are based in Scotland's capital city, Edinburgh, as well as in Eysins, Switzerland and Newtown, Pennsylvania.
The shares have traded as high as $19.95 in the last 52 weeks but have halved in the year to date following Friday's morning's 17% fall.