Axogen (AXGN) said late Wednesday it plans to offer and sell $85 million of common stock in a proposed underwritten public offering.

It intends to grant underwriters a 30-day option to buy up to an additional $12.75 million of common stock.

The company said there is no assurance as to whether or when the offering may be completed, or the actual size or terms of the deal.

Axogen said it plans to use the proceeds to repay its term loan facility with Oberland Capital and for working capital, capital spending and other general corporate purposes.

Shares of Axogen were down more than 5% in after-hours trading.