Irvine-based drug maker Spectrum Pharmaceuticals Inc.’s shares fell on Wednesday, reportedly after the drug maker was planning to sell shares of its stock and raise $21 million. The shares closed down 14 percent on a market value of $217 million as investors worried that the stock sale would dilute their stake in the company.

Spectrum expects to sell 2.9 million shares and warrants to buy an additional 1.5 million shares of stock to institutional investors. Reportedly, Spectrum sold 1.7 million shares of its stock to institutional investors and received $10 million in proceeds just before two weeks the company decided on the latest stock sale. The company said it would use the proceeds of the latest offering for general corporate purposes.

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