San Diego’s Mast Therapeutics Inc. recently announced it expects to receive net proceeds of about $23 million from a new underwritten public offering.

It is offering 50 million units, priced at $0.50 apiece.

The company said it plans to use the funds for its phase 3 clinical study of a drug called MST-188 for treating sickle cell anemia.

The $20.5 million market cap company was trading at $0.44 at market close on June 18.

— SDBJ Staff Report