CytoDyn Inc. is offering up to 4 million common shares to certain investors at a price of 75 cents per share.

The investors also received warrants to purchase up to 2 million shares, exercisable for five years from issuance at an exercise price of $1.00 per share.

Net proceeds to the company from the transactions, after deducting estimated offering expenses and excluding the proceeds from the exercise of the warrants, are expected to be about $3.0 million. CytoDyn will use the net proceeds from the offering to fund clinical trials of its products and for general corporate purposes.

The offering was expected to close Dec. 12., subject to customary closing conditions.