Chelsea Therapeutics, a biopharmaceutical development firm, is hoping to raise $48.9 million through a private placement of its stock.

Chelsea (Nasdaq: CHTP) has already reached agreement with several institutional and accredited investors for the offering. The deal is expected to close on Nov. 7.

Chelse priced 7.4 million of its shares at $6.62.

The company is currently developing drugs for anti-inflammatory and anti-tumor treatments,