Codexis (CDXS) said Thursday it priced an underwritten public sale of roughly 16.7 million common shares at $1.50 per share.

Underwriters have a 30-day option to buy an extra 2.5 million shares at the same price, and the company expects the offer to close Monday, the company said.

Codexis anticipates collecting roughly $23.1 million in net proceeds after investment bank discounts and estimated transaction costs, and plans to use it for research and development and general corporate purposes, Codexis said.

Shares of the company were down more than 20% in Friday premarket activity.

Price: 1.58, Change: -0.41, Percent Change: -20.60