Arcturus Therapeutics Holdings Inc. started a registered direct offering of common shares to raise about $10.9 million in gross proceeds.

The San Diego-based biotechnology company, which develops therapies for liver and respiratory diseases, will sell 945,653 common shares to certain institutional investors at $11.50 apiece.

Arcturus plans to use the proceeds for its research and development activities and general corporate purposes.

The company expects to close the offering by Aug. 5, subject to closing conditions.

H.C. Wainwright & Co. is the exclusive placement agent for the offering.