Erasca (ERAS) said Wednesday it has priced an upsized public offering of 22.5 million shares at $10 each.

Gross proceeds are expected to be $225 million, and the offering is expected to close on Friday, the company said.

Erasca said it has also granted underwriters a 30-day option to purchase up to about 3.4 million additional shares.

Erasca said it plans to use net proceeds from the offering to fund research and development and for other general corporate purposes.

Shares of the biotech company were up 1.2% in recent premarket activity Thursday.