Liquidia Technologies Inc. priced an underwritten public offering of 3 million common shares at $11.50 apiece to raise $34.5 million in gross proceeds.

The biopharmaceutical company has also granted underwriters an option to buy up to an additional 450,000 shares.

Morrisville, N.C.-based Liquidia expects to close the offering March 25, subject to closing conditions.

Jefferies and Cowen are the joint book-running managers, with Needham & Co. and Wedbush PacGrow as 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.