Gyre Therapeutics Inc (GYRE) said Thursday that it priced its underwritten public offering of about 2.2 million shares of its common stock at $9 per share for expected gross proceeds of about $20 million.
The company also granted the underwriters a 30-day option to buy up to an additional 333,333 shares. The offering is expected to close on or about Tuesday.
The company said it plans to use the net proceeds, along with its existing cash and cash equivalents and cash flows from operations, to advance its phase 2 clinical trial of F351 in the US, for research and development, manufacturing and scale-up, as well as for working capital and general corporate purposes.
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