Vaccinex Inc. priced its IPO of 3,333,334 common shares at a public offering price of $12 per share.

The biotechnology company has also granted underwriters an option to buy up to an additional 500,000 common shares at the initial public offering price. The Rochester, N.Y.-based company's shares are expected to begin trading on the Nasdaq under the symbol VCNX on Aug. 9.

The offering is expected to close Aug. 13, with gross proceeds of about $40 million, Vaccinex said in an Aug. 9 release. The company will use the net proceeds from the IPO to fund the development of its therapies and repay debt, as well as for working capital and general corporate purposes.

Oppenheimer & Co. Inc. and BTIG LLC are acting as joint book-running managers of the offering. Ladenburg Thalmann & Co. Inc. is acting as co-manager.