Arix Bioscience PLC (LON:ARIX) said that its portfolio company LogicBio Therapeutics, Inc. (NASDAQ: LOGC), has announced the pricing of its underwritten public offering in the US.

Venture capital company Arix said it has agreed to invest $3mln in the offering and retains a stake of 9.4% in LogicBio.

LogicBio will issue 7mln shares of common stock at US$6 each for total gross proceeds of approximately US$42mln, before deducting underwriting discounts and commissions and offering expenses.

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In addition, LogicBio has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of common stock, at the public offering price less underwriting discounts and commissions.

The offering is expected to close on October 5.