Biopharmaceutical company CTI BioPharma Corp (NASDAQ:CTIC) said on Friday that it has priced its public offering of 20,000,000 common stock.

The company has provided the underwriters with a 30-day option to purchase up to an additional 3,000,000 shares of common stock at the public offering price, less the underwriting discount.

All of the common stock has been issued by the company at a public offering price of USD3.00 per share of common stock for expected proceeds of USD55.8m, after deducting underwriting discounts and commissions and other estimated offering expenses.

Net proceeds may be used by the company to complete the PAC203 clinical trial, the review of the pacritinib MAA by the EMA, conduct additional research of pacritinib in indications outside of myelofibrosis, complete the PIX306 clinical trial, research and development, preclinical and clinical trials, acquiring or in-licensing potential new pipeline candidates, preparing and filing possible new drug applications as well as for working capital.

This offering is expected to close on or about 13 February 2018, subject to customary closing conditions.

In the offering, Leerink Partners is acting as sole book-running manager and JMP Securities is acting as senior lead manager.