Shares of Evofem Biosciences Inc. /zigman2/quotes/209433649/composite EVFM 0.00% tumbled 24.9% toward a record low in premarket trading Thursday, after the biopharmaceutical company focused on women's sexual and reproductive health announced the pricing of a relatively large public stock offering at a deep discount. The company said its pricing of 17.14 million shares, representing about 20.6% of the shares outstanding as of Feb. 28, priced at $1.75 to raise $30 million. The pricing was 24.9% below Wednesday's stock closing price of $2.33. The company plans to use the proceeds from the offering to continue full commercialization activities for its contraceptive vaginal gel Phexxi in the U.S., including direct-to-consumer advertising, as well as for funding an ongoing Phase 3 trial evaluating its EVO100 for the prevention of certain sexually transmitted infections. The stock, which is on track to open below its Sept. 7, 2017 record low close of $1.92, has lost 47.1% over the past 12 months through Wednesday, while the iShares Nasdaq Biotechnology ETF /zigman2/quotes/206189322/composite IBB +0.88% has rallied 44.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has gained 57.1%.