Cempra Pharmaceuticals shares were down more than 10 percent early Friday after the Chapel Hill drug developer priced the 7.25 million shares it plans to sell in a public offering of stock.
The shares have been priced at $7, and Cempra expects the offering to raise $50.8 million. The company's proceeds are expected to total $47.7 million.
Cempra raised $48 million through the public sale of stock in February 2012, or about half the amount it expected to generate.
The disappointing IPO has forced the company to seek out other ways to finance the development of solithromycin, its experimental antibiotic treatment.