Pieris Pharmaceuticals (NSDQ:PIRS) today priced an underwritten public offering of 5.5 million shares of its common stock at $8.00 per share.
The company said it expects to generate $44 million from the offering, which it will use to fund the pre-clinical and clinical development of its pipeline.
The offering also includes a 30-day option for underwriters to buy up to 825,000 additional shares of common stock at $8.00 apiece.
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 Boston, Mass.-based company has 49 full-time employees and has 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 the lungs.
PIRS shares were trading at $8.69 apiece today in mid-afternoon activity, down -8%.
