03:30 AM EDT, 10/23/2024 (MT Newswires) -- ProQR Therapeutics ( PRQR ) said late Tuesday it priced its previously announced public offering of 18 million ordinary shares at $3.50 per share for expected gross proceeds of $63 million.

Underwriters have been granted a 30-day option to buy up to 2.7 million additional shares.

Separately, the drug developer has entered into a share purchase agreement with Eli Lilly (LLY), wherein ProQR will offer Lilly 3.5 million shares to maintain its current pro rata ownership.

The transaction with Lilly is expected to yield about $12.3 million, subject to a purchase price cap of $15 million.

ProQR said it plans to use the proceeds from both the offering and the private placement, along with existing cash and cash equivalents, primarily to fund research and development and clinical development for current and future product candidates.

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