Bellerophon Therapeutics (NSDQ:BLPH) said yesterday that it priced an underwritten public offering of 10,000,000 shares of its common stock at 70¢ apiece.
The Warren, N.J.-based company also gave underwriters a 45-day option to buy an additional 1,500,000 shares of common stock at the same price. Bellerophon expects to reel in roughly $7 million in proceeds from the offering.
The offering is slated to close tomorrow.
Bellerophon 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.
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