PROLOR Biotech, Inc. (PBTH: Quote) said Friday that it has priced its underwritten public offering of 6.5 million shares of its common stock at a price to the public of $5.00 per share.
The gross proceeds to PROLOR from the offering are expected to be $32.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by PROLOR.
PROLOR has granted the underwriters a 30-day option to purchase up to an aggregate of 975,000 shares of common stock to cover over-allotments, if any.
The offering is expected to close on May 16.
PROLOR plans to use the net proceeds from this offering for general corporate purposes, which may include research and development expenses, including expenses related to clinical trials, capital expenditures, working capital, and general and administrative expenses.
The company may also use a portion of the net proceeds to acquire or invest in complementary businesses, products and technologies.
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by RTT Staff Writer
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