PDS Biotechnology (PDSB) said Thursday it is selling about 7.3 million common shares and warrants to purchase up to about 7.3 million common shares in a registered direct offering at a combined purchase price of $1.50 for institutional investors and $1.66 for certain PDS Biotechnology directors.

The company said about $11 million will be fully funded upon the closing of the offering, which is expected to occur on or about Friday, and up to $11 million more may be funded upon full cash exercise of the warrants, which have an exercise price of $1.50 per share, according to the company.

Net proceeds from the offering are expected to be used for research and development expenses and general corporate purposes, the company said.

Shares of PDS Biotechnology were up 4.6% in recent Thursday trading.

Price: 1.61, Change: +0.07, Percent Change: +4.55