Bellerophon Therapeutics (NSDQ:BLPH) last week closed an underwritten public offering of 10,000,000 shares of common stock at 70¢ apiece.
The Warren, N.J.-based company also gave underwriters a 45-day option to buy up to an additional 1,500,000 shares of common stock at the same price.
The gross proceeds of the offering were $7 million, Bellerophon reported.
Earlier this month, the company said it plans to use the offering’s proceeds to fund working capital, R&D efforts and other general corporate purposes.
The company is studying the use of its INOpulse device in patients with pulmonary hypertension due to interstitial lung disease in a Phase IIb study.
The placebo-controlled study is designed to evaluate the safety and efficacy of pulsed, inhaled nitric oxide in patients with PH-ILD, including those with idiopathic pulmonary fibrosis, Bellerophon reported last year.
