Scilex (SCLX) said Friday it closed a $17 million direct offering of common shares and accompanying common warrants at a combined offering price $0.59 each, as well as pre-funded warrants at $0.5899 apiece.

The company sold 26.4 million shares, common warrants to purchase up to 57.5 million shares, and pre-funded warrants to purchase 2.4 million shares.

Scilex said it would use the funds for working capital and general corporate purposes.

Scilex shares were down nearly 5% in recent trading.

Price: 0.49, Change: -0.02, Percent Change: -4.64