Fortress Biotech Inc., of New York, priced its public offering of 262,500 shares of its 9.375% series A cumulative redeemable perpetual preferred stock at a price of $20 per share, with expected gross proceeds of about $5.3 million. Fortress granted underwriters a 45-day option to purchase up to 39,375 additional shares. The company intends to use the net proceeds for its operations, including general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, and working capital. The Benchmark Co. LLC and Thinkequity, a division of Fordham Financial Management Inc., are acting as joint bookrunning managers, while Dawson James Securities Inc. is acting as co-manager for the offering, expected to close on or about Nov. 29. Shares of Fortress (NASDAQ:FBIO) closed Tuesday at $1.93, down 3 cents.

New Venture Funds, of Virginia Beach, Va., said it raised its third fund, New Ventures III, with a total of $90 million. The fund has made 12 investments so far and follows in the footsteps of the two previous funds, with an investment strategy focusing on a diversified portfolio of early to midstage therapeutics, digital medicine opportunities and pharmaceutical royalties.

Sierra Oncology Inc., of Vancouver, British Columbia, closed its previously announced underwritten public offering, with gross proceeds of $103 million. Sierra is developing momelotinib, a JAK1, JAK2 and ACVR1 inhibitor with a potentially differentiated therapeutic profile for the treatment of myelofibrosis.

Sonoma Pharmaceuticals Inc., of Petaluma, Calif., launched a best efforts public offering. Proceeds are expected to support general corporate purposes, marketing, product development and working capital. Dawson James Securities Inc. is acting as the lead placement agent and sole bookrunner. Shares of Sonoma (NASDAQ:SNOA) closed Tuesday at $4.13, down 1 cent.

X4 Pharmaceuticals Inc., of Cambridge, Mass., priced a public offering of about 3.7 million shares, and, in lieu of common stock, prefunded warrants to purchase 1.75 million shares of common stock, and accompanying class B warrants to purchase about 5.4 million shares of its common stock (or, for investors who so choose, prefunded warrants to purchase shares of common stock) at a price to the public of $12 per share and accompanying class B warrant (or $11.999 per pre-funded warrant and accompanying class B warrant). X4’s gross proceeds are expected to be about $65 million. Cowen and Stifel are acting as joint book-running managers, while Canaccord Genuity and Oppenheimer & Co. are acting as lead managers, and H.C. Wainwright & Co. and Roth Capital Partners are acting as managers for the offering, set to close Nov. 29. Shares of X4 (NASDAQ:XFOR) closed Tuesday at $11.03, down $2.22.

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