ContraVir Pharmaceuticals (CTRV) shares fell 46% in afternoon trade after the firm priced a public offering of its class A and class B units.

The offering has an expected total gross proceeds of about $2.1 million, before deducting placement agent fees and other offering expenses payable by the company.

The class A units, with each consisting of one share of common stock and one warrant to purchase one share of common stock, are offered at a combined price of $0.12 per class A unit.

Class B units, each consisting of one share of series D convertible preferred stock, with a stated value of $1,000 per share, and convertible into 8,333 shares of common stock per share of series D convertible preferred stock, and warrants to purchase 8,333 shares of common stock, are offered at a combined price of $1,000 per class B unit.

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The aggregate number of shares of common stock to be issued pursuant to the class A units and issuable upon conversion of all of the series D convertible preferred stock is 17,833,334.

The aggregate number of warrants to be issued in the offering is 17,833,334. The warrants will have an exercise price of $0.12, which will be exercisable upon issuance and will expire five years from the date of issuance.

The shares of common stock and the accompanying warrants included in the class A units and class B units can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance.

The offering is expected to close April 29, subject to customary closing conditions.

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