Stock Alert: Centogene Down 20%

(RTTNews) - Shares of Centogene N.V. (CNTG) are currently losing over 20% on Friday morning.

Centogene announced the pricing of its primary and secondary public offering of 3.5 million shares of the company, consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling shareholders at price to the public of $14.00 per share. The company will receive total proceeds of $28 million, while the selling shareholders will get $21 million.

The offering is expected to close on or about July 14, 2020, subject to customary closing conditions.

Centogene intends to use the proceeds for research and development to support orphan drug development with its knowledge-driven information platform, as well as for working capital and other general corporate purposes.

CNTG is currently trading at $13.63, down $3.44 or 20.15%, on the Nasdaq.