Inovio raises $75M in follow-on

Inovio Pharmaceuticals Inc. (NASDAQ:INO) raised $75 million through the sale of 12.5 million shares at $6.00 in a follow-on underwritten by Citigroup, Piper Jaffray, RBC Capital Markets, H.C. Wainwright, Maxim Group, Aegis Capital, and the National Securities Corp. subsidiary of National Holdings Inc. (NASDAQ:NHLD).

The price is a 23% discount to Inovio's close of $7.83 on Tuesday, when it proposed the offering after market hours. Inovio tumbled $0.77 (11%) to $6.01 on Thursday...