NuCana (NCNA) shares dropped about 70% in recent trading on Tuesday after the company priced a direct offering of around 10.85 American depositary shares to raise about $7 million.

Each ADS will be accompanied by a series A warrant to buy one ADS at an initial exercise price of $0.8068 per share and a series B warrant to buy one ADS at $1.61 per share, the company said.

The combined offering price of each ADS with the accompanying warrants is $0.6454, it said, adding that pre-funded warrants may be purchased in lieu of the ADSs.

The offering is expected to close Wednesday, NuCana said.

The company said it plans to use the proceeds to fund activities relating to its drug discovery and development programs, and for other general corporate purposes.

Price: 0.34, Change: -0.76, Percent Change: -68.82