By Sheri Kasprzak
New York, Oct. 16 - Vical Inc. is gearing up to wrap a direct placement of its stock for $12.55 million.
The company intends to sell 2.5 million shares at $5.02 each to a group of institutional investors.
The shares will be issued under the company's shelf registration.
The non-brokered deal was scheduled to close Monday.
Proceeds will be used to develop the company's ongoing programs. The rest will be used for general corporate purposes.
Vical, based in San Diego, develops DNA-based vaccines for infectious diseases and cancer.
| Issuer: | Vical Inc.
|
| Issue: | Stock
|
| Amount: | $12.55 million
|
| Shares: | 2.5 million
|
| Price: | $5.02
|
| Warrants: | No
|
| Placement agent: | Non-brokered
|
| Settlement date: | Oct. 16
|
| Stock symbol: | Nasdaq: VICL
|
| Stock price: | $5.10 at close Oct. 13
|
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