Eiger Biopharmaceuticals Inc., of Palo Alto, Calif., priced an underwritten public offering of 1.25 million common shares at $16 apiece, a discount of approximately 7 percent to the stock's (NASDAQ:EIGR) closing price of $17.19 on Wednesday. The offering was expected to generate proceeds of $20 million, and Eiger granted underwriters a 30-day option to purchase up to 187,500 additional common shares, potentially adding $3 million to the raise. The company said net proceeds will fund continued development of its portfolio. Jefferies LLC is sole book-running manager, with Oppenheimer & Co. Inc. and Wedbush Pacgrow as co-managers. On Thursday, the company's shares closed at $15.70 for a loss of $1.49.