BioCryst Pharmaceuticals announced this week that it is planning to sell $100 million in stock in a public offering.
The proceeds are to be used for general corporate purposes and to fund the development of BCX4161, the Durham drug developer’s oral treatment for angioedema, a rare disease that results in swelling and painful welts.
BioCryst’s stock rose 11 percent on Tuesday after the company reported positive Phase 2 trial results for BCX4161.
BioCryst has no products on the U.S. market. It is also developing peramivir, an influenza treatment.
Never miss a local story.
Earlier this month the company’s stock fell 14 percent after it reported another potential setback for peramivir.
A Food and Drug Administration inspection raised a "number of concerns" about the contract manufacturer that was to produce the treatment.
BioCryst’s stock sale is a so-called “shelf” registration process that allows the company to sell any combination of securities for a total sum of $100 million.
BioCryst’s shares, which opened at $9.99, were down about 20 cents in mid-day trading Wednesday.