shares of painreform are pulling back from tuesdays sharp rise after the company said it will hold a direct offering and concurrent private placement to raise about 27 million the stock sank 39 to open at 1001 after closing the market on monday at 405 shares rocketed to a high of 2641 in midday trading tuesday without any obvious explanation shares closed the market at 1650 up fourfold from the prior days close the gains started to unwind in offhour trading and then tumbled further after the clinicalstage specialty pharmaceutical company said it will offer 301230 shares at a purchase price of 9 apiece in a registered direct offering and warrants to buy the same quantity of shares for 9 each in a private placement the offering is expected to close on july 14 gross proceeds from both stock sales of about 27 million will be used to fund research and development and clinical trials along with other working capital and general corporate purposes