On November 21, 2019, BioCryst Pharmaceuticals, Inc. (the "Company") reported that completed its offering of pre-funded warrants to purchase up to an aggregate of 11,764,706 shares of the Company’s common stock ("Common Stock") at an offering price of $1.69 per share (the "Pre-Funded Warrants") pursuant to a Securities Purchase Agreement (the "Purchase Agreement") dated as of November 19, 2019 among the Company and 667, L.P. and Baker Brothers Life Sciences, L.P (Filing, 8-K, BioCryst Pharmaceuticals, NOV 21, 2019, View Source [SID1234551568]). The offering has been registered under the Securities Act of 1933 (the "Securities Act") pursuant to a registration statement on Form S-3 (Registration No. 333-221421) of the Company (as amended, the "Registration Statement"), and a prospectus supplement dated November 19, 2019, filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the Securities Act on November 21, 2019. Gross proceeds to the Company, before expenses, were approximately $19.9 million.

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The pre-funded warrants have an exercise price of $0.01 per share, which is subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Company’s common stock and also upon any distributions of assets to the Company’s stockholders. Each pre-funded warrant is exercisable upon issuance. In the event of certain corporate transactions, the holders of the pre-funded warrants will be entitled to receive, upon exercise of the pre-funded warrants, the kind and amount of securities, cash or other property that the holders would have received had they exercised the pre-funded warrants immediately prior to such transaction. The pre-funded warrants do not contain voting rights or any of the other rights or privileges as a holder of the Company’s common stock.

The foregoing summary of the Pre-Funded Warrants does not purport to be complete and is subject to, and qualified in its entirety by, the form of Pre-Funded Warrant attached as Exhibit 4.1 to this Current Report on Form 8-K, which is incorporated herein by reference.