Matinas BioPharma Holdings Inc. priced an offering of 27,272,727 shares at $1.10 apiece to raise $30.0 million in gross proceeds.

BTIG LLC, the sole book-running manager for the offering, has an option to buy up to an additional 4,090,909 of the biopharmaceutical company's shares.

Bedminster, N.J.-based Matinas BioPharma said it plans to close the offering on or around March 19.

Net proceeds from the offering will be used to fund ongoing development activities of Matinas' potential drugs, including MAT9001 in the treatment of heart and metabolic conditions, and its lipid nano-crystal platform delivery technology, which can make medicines safer, more tolerable, less toxic and orally bioavailable.

In addition, the proceeds will be used to fund working capital and other general corporate purposes.