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Aridis Pharmaceuticals prices IPO


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Aridis Pharmaceuticals prices IPO

Aridis Pharmaceuticals Inc. priced its IPO of 2 million common shares at $13 each.

The San Jose, Calif.-based anti-infection drug developer expects gross proceeds of $26 million from the offering.

Underwriters have a 30-day option to buy up to an additional 300,000 shares at the offering price.

The company's shares will be traded on the Nasdaq Capital Market under the symbol ARDS on Aug. 14.

The company previously said it plans to use most of the proceeds for the phase 3 study of its drug AR-301 — a treatment for a type of pneumonia — while remaining funds will be allotted to other studies in the company's pipeline and for general corporate purposes.

Cantor Fitzgerald & Co. is acting as sole book-running manager, with Maxim Group LLC as lead manager and Laidlaw & Co. (UK) Ltd., Northland Securities Inc. and Seaport Global Securities LLC as co-managers for the offering.

Aridis develops immunotherapies for infectious diseases, with a focus on antibiotic-resistant infections.