Pieris Pharmaceuticals (NSDQ:PIRS) has closed an underwritten public offering of 6,325,000 shares of its common stock.
The Boston, Mass.-based company said it reeled in $50.6 million from the offering, which it plans to use to fund the pre-clinical and clinical development of its pipeline.
In May last year, Pieris inked a $45 million deal with AstraZeneca (NYSE:AZN) to develop a group of inhaled drugs for respiratory diseases. The 49-person company has also inked deals with other pharma companies, including Roche (OTC:RHHBY) and Allergan (NYSE:AGN).
Pieris is developing a group of protein-based drugs that the company says can target tricky regions within the body, including the airways of patients’ lungs.
PIRS shares were trading at $8.47 apiece in mid-morning activity today, down -1%.
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