Yarrow Bioscience said it will use the funds for research and development as it seeks treatments for autoimmune thyroid diseases.
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New Haven-based Yarrow Bioscience has priced a public stock offering expected to generate about $150 million, just weeks after the biotechnology company went public and completed $200 million in private financings.
Yarrow, which is developing treatments for autoimmune thyroid diseases, said it is offering about 5.8 million shares of common stock at $26 per share. The company has also given the underwriters a 30-day option to purchase up to roughly 865,000 additional shares, which could increase the offering by about $22.5 million.
The deal is expected to close Monday, and Yarrow said it plans to use the funds for research and development, working capital, capital investments and other corporate purposes.
The company's lead drug candidate, YB-101, is in clinical trials as a potential treatment for Graves’ disease and thyroid eye disease.
The new offering comes after Yarrow completed a reverse merger with VYNE Therapeutics in late July and began trading on the Nasdaq Capital Market. Private financings completed alongside that deal raised about $200 million.
