Stellar Biotechnologies Inc. priced a public offering of 2,075,472 units at $2.65 apiece to raise about $5.5 million in proceeds.

The funds are expected to be used for general corporate purposes, which may include research and development activities, capital expenditures, and working capital.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the Los Angeles-based company's offering, which is expected to close by May 15.

Each unit comprises 1 common share and 1 warrant to buy an additional stock for $2.65 each.