Alpine Immune Sciences Inc. is selling its units in a private placement to raise about $25.3 million in gross proceeds to fund its drug programs.

The biotechnology company will issue units representing about 4.7 million common shares and warrants to buy about 1.8 million shares. Each unit is priced at $5.37 apiece and consists of 1 share plus a warrant to buy 0.39 share.

Each warrant can be exercised to buy 1 common share at $12.74 apiece.

The placement, expected to close Jan. 18, was led by private equity firm Decheng Capital LLC, with existing investors OrbiMed Advisors LLC, Frazier Management LLC, Alpine BioVentures GP LLC and BVF Partners LP, also participating.

Seattle-based Alpine, which is focused on developing immune therapeutics, intends to appoint Min Cui, founder and managing director of Decheng Capital, to its board after the completion of the transaction.

Alpine intends to use the net proceeds from the placement to fund the development of ALPN-101 for treating autoimmune and inflammatory diseases and ALPN-202 to treat cancer.

Piper Jaffray & Co. acted as sole placement agent for the transaction.