NPS Pharmaceuticals Inc. (NPSP) said Monday it plans to sell at least 9 million shares in an offering to the public, making it the latest company looking to tap equity markets to raise capital.

The drug developer didn't say at what price it planned to sell the stock.

Shares fell 7.6% to $8.78 after-hours. As of the close, the stock had risen 80% in the past year.

The company has about 67.6 million shares outstanding.

NPS said didn't specify what it plans to do with the proceeds from the offering. Numerous companies of late have been tapping equity markets, using the capital generated for applications ranging from paying down debt to funding operations.

NPS discovers and develops treatments for an array of diseases such as gastrointestinal and endocrine disorders.

This wouldn't be the first time NPS has sold stock recently. In September, the company unveiled plans to sell at least 6.9 million shares at $6 apiece.

source:NPS Pharmaceuticals Inc.