Keryx Biopharmaceuticals Inc. (KERX) has offered to sell 9.16 million shares of its common stock to the public at a price of $12.00 each.
The company has granted the underwriters a 30-day option to purchase additional shares of common stock, equal to up to 15% of the number of shares of common stock sold in the offering. The gross proceeds from the offering are expected to be $110 million.
Keryx ended September 30, 2014 with cash of $118.4 million.
The company launched its only approved drug Auryxia in the U.S. in December of 2014. Auryxia was approved by the FDA last September for the control of serum phosphorus levels in patients with chronic kidney disease (CKD) on dialysis.
The company is also exploring the potential of Auryxia for the treatment of iron deficiency anemia in patients with stages 3 - 5 CKD, who have previously not responded to oral iron therapy, and a phase III study for this indication is underway.
KERX closed Wednesday's trading at $12.87, down 6.81%.
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