BioCryst prices stock offering at $9.75 per share

AP News
Posted: Nov 20, 2009 10:17 AM

Flu drug developer BioCryst Pharmaceuticals Inc. priced its 5 million common stock share offering at $9.75 per share.

On Thursday after the markets closed the company estimated gross proceeds of $48.8 million. The banks underwriting its offer will have the option to buy another 750,000 shares to cover over allotments in the following month. If all 5.75 million shares are sold, BioCryst's share count will rise almost 15 percent.

BioCryst's most advanced drug candidate is peramivir, a flu drug intended to be given by IV to patients who are too sick to take an oral dose. Peramivir has been approved as an emergency treatment for swine flu, but clinical testing against seasonal flu is expected to last until 2011.

Shares of the company fell 69 cents, or 6.6 percent, to $9.71 in morning trading.