Liquidia Technologies Inc. completed an underwritten public offering of 3 million common shares to raise about $31.7 million in net proceeds.
The Morrisville, N.C.-based biopharmaceutical company priced the shares at $11.50 each and gave underwriters an option to buy up to an additional 450,000 shares.
Jefferies and Cowen were joint book-running managers, while Needham & Co. and Wedbush PacGrow were co-managers for the offering.
Liquidia develops human therapeutics using its proprietary print technology, a particle engineering platform. Its lead product candidate LIQ861 — an inhaled dry powder formulation of treprostinil — is in a phase 3 study to treat pulmonary arterial hypertension.