Biota Pharma Prices Public Offering Of 5.81 Mln Shares At $4.30/shr

(RTTNews) - Biota Pharmaceuticals Inc. (BOTA) announced Friday that it has priced a public offering of 5.81 million shares of its common stock at a purchase price of $4.30 per share for an aggregate offering amount of about $25 million.

Biota said it expects that the net proceeds to the company from the sale of the shares, after underwriting discounts and commissions and other offering expenses, to be about $23.3 million.

Biota has granted the underwriters a 30-day option to purchase up to 872,085 additional shares to cover over-allotments, if any.

The offering is expected to close on January 15, 2014, subject to customary closing conditions.

The company intends to use the net proceeds from the offering for working capital and general corporate purposes.