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Pfenex prices common stock offering

Pfenex Inc. plans to sell 6.8 million of its common shares at $5.50 apiece in its underwritten public offering.

The biotechnology company has granted the underwriters an option to buy up to an additional 1,020,000 common shares in the offering.

The offering is expected to close May 25.

Pfenex plans to use the net proceeds to fund expenses in connection with obtaining regulatory approval and commercialization and launch of its osteoporosis medicine PF708. In addition, the proceeds will be used to conduct ongoing research and development as well as for general corporate purposes and working capital.

Barclays Capital Inc. and William Blair & Co. LLC are acting as the joint book-running managers for this offering.

San Diego, Calif.-based Pfenex is a clinical-stage biotechnology company, which develops biosimilar therapeutics in the U.S.