Inspire Pharmaceuticals, looking to raise money for drugs it is hoping to bring to market, set a target price of $67.5 million for its new stock offering.

Inspire (Nasdaq: ISPH) set the price for 5 million of its shares at $13.50 per share.

Inspire stock closed at $14.37 a share on Friday, up 37 cents.

Net proceeds to Inspire would be $63.1 million after fees and expenses, the company said.

Deutsche Bank Securities and US Bancorp Piper Jaffary are the co-managers.