04:15 PM EDT, 03/11/2024 (MT Newswires) -- Eupraxia Pharmaceuticals ( EPRXF ) on Monday said it will seek about C$30 million in an overnight marketed share offering.

The biotechnology company said the size of the offering and the price of the shares will be determined when it signs an agreement with the issue's underwriter. It also expects to offer a 15% over-allotment option.

"Eupraxia expects to use the net proceeds of the offering, together with its existing cash and cash equivalents, primarily to fund research and development activities, general and administrative expenses, a milestone payment, working capital needs and other general corporate purposes," it noted.

Eupraxia shares closed up C$0.07 to C$5.85 on the Toronto Stock Exchange.