Vital Therapies (NASDAQ:VTL) has priced a public offering of 8,750,000 newly issued common shares at a price of $4 each for gross proceeds of approximately $35-million.
Vital also granted the underwriters a 30-day option to purchase up to an additional 1,312,500 of its common stock at the same price.
Net proceeds are slated to continue clinical development of the ELAD System, working capital and other general corporate purposes.
Raymond James is acting as sole book-running manager for the offering, with National Securities acting as co-manager. The offering is expected to close on March 27.