Intra-Cellular Therapies Inc. priced its public offering of 10 million common shares at $29.50 per share.

The New York-based biopharmaceutical company also granted underwriters a 30-day option to buy up to an additional 1.5 million common shares.

Gross proceeds are expected to be $295 million.

The offer is expected to close Jan. 10.

J.P. Morgan Securities LLC, SVB Leerink LLC and Evercore Group LLC are acting as joint book-running managers for the offer, while Cantor Fitzgerald & Co. and Canaccord Genuity LLC are acting as co-lead managers. JMP Securities LLC is acting as co-manager for the offering.

Intra-Cellular Therapies develops treatments for neuropsychiatric and neurodegenerative disorders. In December 2019, the U.S. Food and Drug Administration approved its medicine Caplyta to treat adults with schizophrenia.