Why Tetraphase Pharmaceuticals Fell 11.7% Today

After reporting positive trial results for its lead product candidate on July 25, Tetraphase Pharmaceuticals (NASDAQ: TTPH) announced a $60 million share offering today that will dilute investors, and that caused shares to tumble 11.7%.

Perhaps, one of the few certainties in clinical-stage biopharma is that when share prices spike due to positive trial results, it will lead to management selling shares to raise more money.

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Source: Fool.com