HOPKINTON — Spring Bank Pharmaceuticals Inc., a research-stage biopharmaceuticals company, said it is aiming to raise $37.5 million through a common stock offering in order to fund clinical trials, nonclinical studies, research and development, and general corporate purposes.
The company, founded in 2002 and based on 86 South St., said in a press release that it is pricing a public offering of 3 million shares of its common stock at a price of $12.50 per share, for expected gross proceeds of $37.5 million before underwriting discounts and commissions and other offering expenses.
In addition, Spring Bank granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about Monday, subject to customary closing conditions.
Jefferies and Piper Jaffray are acting as joint book-running managers for the offering.
Spring Bank has a little more than 13 million shares outstanding, according to its profile on Yahoo Finance.
The company is aiming to develop therapeutics using a small molecule nucleic acid hybrid (SMNH) chemistry platform. Its lead product candidate is inarigivir soproxil, for the treatment of chronic hepatitis B virus.
Spring Bank has not reported any revenue since the start of 2017.
Shares closed Friday at $12.03.