Xenon Pharmaceuticals Inc. (NASDAQ: XENE) disclosed that it has started underwritten public offering of ordinary shares. Xenon has commenced the offering instead of common shares to some investors that so select the option, pre-financed warrants to buy common shares, in accordance with its current shelf registration declaration.

The firm has also provided the financers the chance to buy an extra 15% of ordinary shares at the public offering price, deducting the financing payments and expenses. The offering is dependent on certain market conditions and there is no guarantee when the offering will be executed.

Shares of Xenon Pharmaceuticals Inc. (NASDAQ: XENE) rocketed 1.26% during the trading session of Tuesday. The firm has gained +0.25 on Tuesday and has a closing price of $20.04. In the past 52-weeks of trading, the shares of Xenon went up 186.29% from its 52-week low and went down -8.37% from its 52-week high. XENE has a total market capitalization of $712.22 million at the time of writing.

The joint book-running managers of the firm for the offering are William Blair, Jefferies and Stifel. The co-managers for the offering include Wedbush PacGrow and Needham & Company. A shelf registration declaration concerning the common shares proposed in the public offering was submitted with the SEC on June 3, 2020 and stated valid by the SEC on June 12, 2020.