BioCryst Pharmaceuticals, Inc. announced the pricing of an underwritten public offering of 37,931,035 shares of its common stock in a press release Wednesday.

The gross proceeds from this offering are expected to be $55 million, or $1.45 per share, before deducting expenses, the company said.

BioCryst expects to use the raised funds for general purposes including clinical development, manufacturing and regulatory and commercial activities for multiple treatment programs.

The company allowed the underwriters a 30-day option to purchase up to an additional 5,689,655 shares, with the offering closing on or about Nov. 18.

BioCryst Pharmaceuticals is a late-stage biotech company that creates oral medicines for patients with rare diseases. Its shares were trading at $1.55 on Thursday afternoon, down 5 cents.