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ProQR Therapeutics prices $50M ordinary shares offering

ProQR Therapeutics NV is offering 9,090,909 ordinary shares at $5.50 each to raise about $50 million gross proceeds.

The Leiden, Netherlands-based biopharmaceutical company granted the underwriters an option to buy up to 1,363,636 additional ordinary shares in the offering.

Completion of the offering is expected to occur Oct. 18, subject to customary closing conditions.

The Dutch company previously said it will use the offering's net proceeds to fund ongoing research and development activities, as well as for working capital and other general corporate purposes.

ProQR Therapeutics is developing RNA medicines intended to treat severe genetic rare diseases. The company's investigational drug sepofarsen was recently granted rare pediatric disease designation by the U.S. Food and Drug Administration for Leber's congenital amaurosis 10, a genetic eye disorder that appears in infancy.

Citigroup Global Markets and Evercore ISI are acting as joint bookrunners for the offering. Meanwhile, Cantor and JMP Securities are lead managers, with Chardan and Kempen acting as co-managers.