Heat Biologics Inc. closed its underwritten public offering of 5 million common shares at 80 cents apiece.

The offering generated gross proceeds of $4 million.

Underwriters in the transaction have the option to buy up to an additional 750,000 shares.

Heat Biologics plans to use the net proceeds to fund preclinical and clinical programs; for working capital and general corporate purposes; and to acquire, license or invest in complementary businesses, technologies, product candidates or other intellectual property.

Aegis Capital Corp. acted as the sole book-running manager for the offering.