Biopharmaceutical developer ImaRx Therapeutics of Tucson, Ariz., announced the initial public offering (IPO) of 3 million shares of common stock at a price point of $5 per share. In addition, the firm has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares to cover over-allotments.

ImaRx’s research and development efforts are focused on therapies for stroke and other vascular disorders using its proprietary microbubble technology. ImaRx Therapeutics’ commercialization efforts are currently focused on its product, Abbokinase, for the treatment of acute massive pulmonary embolism.