Vital Therapies Inc. has hit the public markets, but has priced its stock below the expected range, raising gross proceeds of $54 million by offering 4.5 million shares at $12 apiece.

The company has extended a 30-day option for underwriters to buy up to 675,000 more shares. It is trading on the Nasdaq under ticker symbol “VTL.”

Vital Therapies planned to go public back in October, but postponed it because of unfavorable market conditions. At the time, it planned to offer 4.4 million shares priced at $16 to $18. Before that, it planned to raise $86.3 million. And when it announced last week that it would hit the market, its target stock price was between $13 and $15, to raise $63 million.

The company said it will use the proceeds of its IPO to finance three Phase 3 studies of its Elad medical device, which functions as an artificial liver to filter toxins out of the bloodstream.

BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. William Blair & Company, LLC. and Canaccord Genuity Inc. are acting as co-managers.