Ariad Pharmaceuticals Inc., a developer of cancer treatment drugs, said Wednesday it completed the sale of 3.1 million of its common shares to sole underwriter Credit Suisse Securities LLC at $4.65 per share for proceeds of $14.5 million.

The company will receive proceeds of $14.3 million after deducting expenses of the offering.

Credit Suisse has the option to buy up to an additional 466,942 shares in the offering, which expires on Nov. 18.

Shares of Ariad shed 4 cents to $4.62 in morning trading on the Nasdaq.