Progenics Pharmaceuticals Inc. started an underwritten public offering of 9,090,909 common shares, priced $8.25 each.

The New York-based cancer drug developer expects to raise gross proceeds of about $75 million, which will go toward research and development as well as general corporate purposes.

Underwriters have a 30-day option to buy up to 1,363,636 additional common shares on the same terms and conditions.

The offering is expected to close on or around Aug. 10, subject to customary closing conditions.

Jefferies and Credit Suisse are acting as joint book-running managers for the offering, with Cantor Fitzgerald & Co. as lead manager. Needham & Co., BTIG and CIM Securities LLC are acting as co-managers.