Deal to fund product development, potential investment targets
By Susanna Moon
Chicago, Aug. 23 - Vivus, Inc. plans to sell $45.8 million of common shares in a registered direct offering, according to 424B5 filing with the Securities and Exchange Commission.
The company will sell 6,889,098 shares to institutional investors at a price of $6.65 each, which reflects a 6.3% discount to the company's closing price on Aug. 22.
Proceeds will be used to fund the company's product development efforts, including studies needed to support the resubmission of the new drug application for Qnexa, manufacturing activities, clinical trials, retrospective studies and support for the applications for approval in the United States and the European Union for our proprietary product candidates and investment in select pre-commercial and commercial activities, and for general corporate purposes, including working capital. Proceeds may also be used to acquire or invest in complementary businesses, technologies, investigational drug candidates or other intellectual property.
Settlement is expected to occur on Aug. 24.
Vivus is a pharmaceutical company based in Mountain View, Calif.
| Issuer: | Vivus, Inc.
|
| Issue: | Common stock
|
| Amount: | $45.8 million
|
| Shares: | 6,889,098
|
| Price: | $6.65
|
| Warrants: | No
|
| Pricing date: | Aug. 23
|
| Settlement date: | Aug. 24
|
| Stock symbol: | Nasdaq: VVUS
|
| Stock price: | $7.10 at close Aug. 22
|
| Market capitalization: | $596.79 million
|
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