FocalTherics (FOCL) said Tuesday it priced an underwritten public offering of over 8.4 million American depositary shares at $4.75 per share to raise $40 million in gross proceeds.

Underwriters hold a 30-day option to purchase up to an additional 1.3 million depositary shares at the public offering price, the company said.

Each depositary share represents one ordinary share with a nominal value of 0.13 euros ($0.15), and the transaction is scheduled to close on Friday, subject to customary conditions, FocalTherics said.

Shares of the company were down more than 18.9% in Wednesday premarket activity.