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Zynerba Pharmaceuticals prices $50.4M common stock offering

Zynerba Pharmaceuticals Inc. priced an underwritten offering of shares at $18 apiece.

The company will issue 2.8 million common shares to raise $50.4 million for the continued development of its cannabinoid-based treatments.

Underwriters can purchase up to an additional 420,000 of the shares offered. The issue is expected to close by Jan. 24.

Jefferies LLC and Piper Jaffray & Co. are acting as joint book-running managers for the offering.

Cantor Fitzgerald & Co. is acting as lead manager, and Oppenheimer & Co. and Roth Capital Partners are acting as co-managers for the offering.