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Protagonist Therapeutics prices stock offering

Protagonist Therapeutics Inc. priced its underwritten public offering of 3,530,000 shares at $17.00 per share.

The company expects to raise a total of about $60.0 million in gross proceeds from the offering, before underwriting discounts and commissions and offering costs.

Protagonist Therapeutics granted the underwriters a 30-day option to purchase up to an additional 529,500 shares.

The Calif.-based biopharmaceutical company intends to use net proceeds to fund clinical research and development of three therapeutic candidates including the completion of ongoing clinical trials, discovery programs and platform development, and for working capital and general corporate purposes.

The offering is expected to close on or about Oct. 16, subject to customary closing conditions.