U.S. Aridis Pharmaceuticals to raise $26 mln in initial public offering

California-based biopharmaceutical company Aridis Pharmaceuticals announced the pricing of its initial public offering of 2 million shares of its common stock at a public offering price of $13 per share for total gross proceeds of $26 million, before deducting underwriting discounts and commissions and other offering expenses payable by Aridis.

In addition, Aridis has granted the underwriters a 30-day option to purchase up to 300,000 additional shares of common stock at the public offering price, less underwriting discounts and commissions, to cover over-allotments, if any.

All of the shares are being offered by Aridis.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering. Maxim Group LLC is acting as lead manager and Laidlaw & Company, Northland Securities, Inc. and Seaport Global Securities LLC are acting as co-managers for the offering.