Cesca Therapeutics Inc. closed its public offering of units for gross proceeds of $5.5 million.

The company offered 9,166,667 units at 60 cents apiece with each unit comprising one common share and a warrant to buy one common share.

The warrants are exercisable immediately at an exercise price of 60 cents per share and will expire five years from the date of issuance.

Net proceeds will go toward general corporate purposes, including working capital and to pay about $657,000 in accrued but unpaid interest under Cesca's revolving line of credit.

Rancho Cordova, Calif.-based Cesca Therapeutics develops and sells automated technologies and products for cell-based therapies.