Shares of Flexion Therapeutics Inc. (NASDAQ: FLXN) dropped early on Wednesday following the announcement of an underwritten public offering. The company intends to issue and sell roughly $60 million worth of shares of its common stock, with an overallotment option for an additional $9 million. TNo actual pricing details were listed in the filing.

Keep in mind that this company also mentioned in the release, “There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.”

The underwriters for the offering are Wells Fargo, RBC Capital Markets and BMO Capital Markets.

Thisspecialty pharmaceutical company is focused on the development and commercialization of novel, local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis (OA). Flexion’s lead product candidate, Zilretta, is being investigated for its potential to provide improved analgesic therapy for the millions of U.S. patients who receive intra-articular injections for knee OA annually.

Flexion has a market cap of nearly $350 million, and this offering would constitute about 17% of the total cap.

Judging by how the shares have reacted thus far without pricing details from the offering, they now are right in the middle of the 52-week trading range. The low came as recently as March, and the high was seen in September 2015.

So far in 2016, Flexion has underperformed the broad markets, with the stock down over 16% (excluding Wednesday’s move). Over the past 52 weeks, the stock is down about 27%.

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Shares of Flexion closed Tuesday down 3.8% at $16.09, with a consensus analyst price target of $36.50 and a 52-week trading range of $7.56 to $29.09. Following the announcement, the stock was down 11% at $14.30 in early trading indications Wednesday.

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