Pfenex Inc. closed a public offering of common stock to raise about $39.4 million in net proceeds.
The San Diego-based biotechnology company issued 7.82 million common shares at $5.50 apiece to raise the funds, which will be used for obtaining regulatory approval and commercializing its osteoporosis medicine PF708.
Barclays Capital Inc. and William Blair & Co. LLC acted as joint book-running managers for the offering.
