Polyrizon (PLRZ) said Monday that it priced its underwritten initial public offering of 958,903 units at $4.38 per unit for expected gross proceeds of $4.2 million.

Each unit consists of one ordinary share and three warrants to buy one ordinary share per warrant, with an initial exercise price of $4.38 per share.

The company also granted Aegis Capital a 45-day option to buy up to 143,835 additional units to cover possible over-allotments. The offering is expected to close on or about Wednesday.

The company said it plans to use net proceeds to fund preclinical and clinical development of its product candidates, other research and development, repayment of certain outstanding debt, working capital, general corporate purposes and possible future acquisitions.

Polyrizon also said that its ordinary shares have been approved for listing and are expected to start trading on the Nasdaq Capital Market under the symbol "PLRZ" on Tuesday.