Basilea plans to sell up to 1.15 million new shares, one new share for each five existing shares held. The company said it had an option to offer another 1.49 million.
Basilea plans to use the money to create a sales team to help promote its drugs that are in late stage trials. Basliea currently has three drugs in phase III development.
These include the skin disease drug alitretinoin and an antibiotic ceftobiprole. Basilea will use the funds to complete research on the drugs and file them for approval later this year.
The money raised will also support the testing of Basilea’s antifungal treatment isavuconazole.