Irvine, Calif.- based Novus Therapeutics Inc. started an underwritten public offering of 6 million common shares.
The pharmaceutical company will give underwriters a 30-day option to buy up to an additional 900,000 shares.
Net proceeds will be used to fund two phase 2 clinical trials for drug OP-02 to treat and prevent otitis media, an inflammation of the middle ear.
Piper Jaffray & Co. is sole book-running manager for the offering, with Ladenburg Thalmann & Co. Inc. and LifeSci Capital LLC as co-managers.
Novus Therapeutics develops products for ear, nose and throat diseases.