The offering will include a 30-day underwriters option for an additional $4.5 million in shares, the San Diego, Calif.-based company said.
The company is developing a cell-based therapy targeting the treatment of acute liver failure, using a cartridge system designed to produce cells that mimic those of a patient’s liver.
Funds from the round will go towards supporting the clinical development of the ELAD system, as well as towards working capital and other general corporate purposes, according to a press release.
Bank of America Merrill Lynch will act as the sole book-runner for the offering, the company said. Vital Therapies expects the offering to close October 28.
In September, Vital Therapies outlined plans for a possible new phase 3 clinical trial to test its ELAD treatment for liver failure in patients with alcohol-induced liver decompensation, according to an SEC filing.
San Diego-based Vital Therapies halted a Phase III clinical trial of the ELADcell-based treatment for liver failure after it failed to meet its primary and secondary endpoints and shut down 2 other studies.