Net proceeds from Pfenex’s common stock offering amounted to $39.4 million, it was recently announced.

The San Diego biotech will use the proceeds for the commercialization of PF708, an osteoporosis drug. Pfenex expects to submit a new drug application to the U.S. Food and Drug Administration in the third quarter of this year.

Pfenex sold 7,820,000 shares of its common stock at a price of $5.50 per share. Underwriters purchased an additional 1,020,000 shares of Pfenex's stock.

Barclays Capital Inc. and William Blair & Company acted as joint book-running managers of the offering.

Other Pfenex candidates in the pipeline include anthrax vaccines and hematology/oncology products in collaboration with Jazz Pharmaceuticals.