I-MAB (IMAB) said Friday that it has priced an underwritten offering of 33.3 million American depositary shares, representing 76.7 million ordinary shares, at $1.95 each for total proceeds of $65 million.

I-Mab said that it expects to close the offering around Tuesday, with the proceeds going toward clinical development of drug candidates and general corporate purposes.

Shares of I-Mab were up more than 18% in recent Friday premarket activity.