=TherapeuticsMD (TXMD) to sell 12.4 million shares @ $5.65 per share

TherapeucticsMD announced yesterday that it wanted to sell 12.4 million shares of common stock to the public. That move makes sense since the company held only $97 million in cash on its balance sheet as of June 30. That's not a huge number when compared to the company's net loss of $41 million through the first six months of the year.

However, investors learned today that the secondary offering is taking place at $5.65 per share, a sizable discount to yesterday's closing price of $6.06 per share. That suggests that the company had to give in on pricing in order to raise all of the capital that it wanted.

On the plus side, the 12.4 million new shares will dilute existing shareholders by only about 6%.