Xeris Pharmaceuticals (NSDQ:XERS) announced today that it priced a registered direct offering of common stock at $27 million.

Chicago-based Xeris is offering nearly 6.6 million shares of common stock to funds managed by Deerfield Management Company, which are existing investors in the company, according to a news release.

The offering is priced at $4.12 per share, leading to gross proceeds of $27 million. Xeris expects the offering to close on March 15, 2021, with proceeds earmarked for working capital and other general corporate purposes.

Xeris develops technology platforms to enable ready-to-use, room-temperature stable formulations of injectable and infusible therapies.

Since the offering is being made without an underwriter or placement agent, Xeris will pay no underwriting discounts in connection with it. Goodwin Procter LLP is acting as legal counsel to Xeris in connection with the offering.