03:25 AM EST, 01/06/2023 (MT Newswires) -- Geron (GERN) said late Thursday it has priced an upsized underwritten public offering of about 55.9 million common shares at $2.45 per share and pre-funded warrants to purchase 25 million shares at $2.449 per warrant.

The gross proceeds from the offering are expected to be about $198.1 million, up from the previous target amount of $175 million.

Geron has granted the underwriters a 30-day option to buy up to about 12.1 million additional shares. The offering is expected to close on or about Jan. 10.

The company plans to use the net proceeds, together with existing cash, to fund the potential US commercial launch of its imetelstat drug, and use any remaining proceeds for working capital and general corporate purposes.