10:46 AM EDT, 09/24/2025 (MT Newswires) -- Eupraxia Pharmaceuticals ( EPRX ) Wednesday said it closed its previously announced public offering for gross proceeds of approximately US$80.5 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the offering.

The offering, which includes the full exercise of the option to purchase additional shares granted to the underwriters, consisted of around 14.63 million common shares of the company at a price to the public of $5.50 per common share.

Cantor and LifeSci Capital acted as joint book-running managers for the offering. Bloom Burton also acted as co-manager for the offering.

The company plans to use the net proceeds from the offering primarily for the continued advancement of its product pipeline, including the completion of ongoing preclinical studies and clinical trials, regulatory submissions, and associated commercial preparation and manufacturing scale-up activities. A portion of the proceeds will also be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes.

Eupraxia may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

"This financing represents a pivotal milestone for Eupraxia, enabling us to accelerate the development of EP-104GI for eosinophilic esophagitis and advance toward our upcoming Phase 2b clinical readout, plus other key clinical and regulatory milestones," said Eupraxia's chief executive officer James Helliwell.

"The strong participation from leading life-science focused investors validates both our strategy and technology, and with this financing, we believe we are now capitalized into the first quarter of 2028, providing the resources and flexibility to deliver on our vision."

The company's shares were last seen down 3.7% to $7.77 on the Toronto Stock Exchange.

Price: 7.79, Change: -0.28, Percent Change: -3.47