shares of avenue therapeutics inc plummeted in premarket trading friday after the specialty pharmaceutical company said it is raising 12 million in a dilutive public offering the new york company said it is selling nearly 364 million common and prefunded equity units at 330 each nearly 48 below thursdays closing price of 629 avenue shares have whipsawed in heavy trading since the company executed a 1for15 reverse stock split in late september and they fell sharply wednesday and thursday after the company unveiled plans for a public offering avenue which had roughly 148 million shares outstanding prior to the offering said each common unit consists of one common share and one warrant to buy another share of common stock while each prefunded unit includes one prefunded warrant to buy one share and one warrant to buy another share avenue shares which had traded as high as 1665 earlier this week were recently down 58 to 267 in premarket trading friday