Late last week, Optinose of Yardley closed its effort to raise $40 million through the sale of company stock. The capital infusion will expand its flagship nasal drug delivery products, reports John George for the Philadelphia Business Journal.

The amount of the stock sale could grow by another $6 million if underwriters exercise their full option to purchase up to an additional 3.75 million shares to cover overallotments.

The capital is designated to expanding the capabilities of Xhance, the Optinose treatment for nasal polyps. The company hopes to extend its drug/device product efficacy to treat chronic sinusitis as well.

The patented, bi-directional, breath-powered drug delivery device uses the natural flow of a patient’s respiration to propel medications deep into the nasal cavity.

Optinose will allot only some of the stock sale proceeds to this use; other funding will go toward working capital needs, corporate growth, and developments elsewhere in the company’s product line.

The pharmaceutical company’s stock was down 36 percent last week, following the release of its third quarter financial report and the pricing of its stock sale. The stock, which began the week at $2.49 per share, opened midweek at $1.60.

More on Optinose is at the Philadelphia Business Journal.