Retension Pharmaceuticals (RTSN) priced its initial public offering of 3.8 million shares at $12.00 each, the company said late Thursday.

Gross proceeds are expected to be $45.0 million, the company said.

The company is expected to begin Nasdaq trading Friday under the ticker symbol "RTSN" and the offering is expected to close Tuesday.

The company has also granted underwriters a 30-day option to purchase up to 562,500 additional shares, it said.

Retension plans to use net proceeds from the offering, along with existing cash and cash equivalents, to complete its phase 2b clinical trial of RTN-001 in uncontrolled hypertension and prepare for a planned phase 3 trial as well as for general corporate purposes, the company said.