BioCryst Pharmaceuticals Inc., a Durham-based biotechnology company focused on creating treatments for rare diseases, announced on Tuesday it would be offering $80 million in common stock.
This is the company’s second offering this year.
The underwriters, J.P. Morgan and Barclays, do have the option to purchase an additional $12 million. After the sale, 94.12 million of common stock shares will remain.
The pharmaceutical company focuses on the design and development of small-molecule drugs that block enzymes in order to treat rare diseases. According to the prospectus, the proceeds will be used for general corporate purposes, which could include funding the global launch of BCX7353 and the advancement of clinical trials for several other key drugs.
As of this writing the stock price is currently $5.47, down 4.7 percent since the announcement was made, but that is up 4.2 percent from the stock’s lowest price for the day of $5.25.
All of the shares offered are being sold by BioCryst.
The last offering was made in March 2017 and raised $45 million with the sale of just under 5.3 million shares at $8.50 per share.