ProPhase Labs Inc (NASDAQ:PRPH) shares are trading lower by 47% to 75 cents during Friday's session. The company announced an underwritten public offering of 4.17 million shares of common stock at 72 cents per share, totaling approximately $3 million before expenses and discounts.

The company also granted underwriters a 45-day option to purchase up to an additional 625,500 shares to cover over-allotments. The offering, set to close on November 12, is managed by ThinkEquity.

ProPhase Labs says proceeds will fund working capital and general corporate purposes, including capital investments, product development, commercialization and potential acquisitions in diagnostics, genomics and consumer products.

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According to data from Benzinga Pro, PRPH has a 52-week high of $7.48 and a 52-week low of $0.66.