ATLANTA, April 7, 2011 /PRNewswire/ -- Inhibitex, Inc.
(Nasdaq: INHX) today announced that it has priced a public offering
of 11,463,415 shares of its common stock, at a purchase price of
$4.10 per share, for an aggregate
offering amount of $47 million. The net proceeds to Inhibitex
from the sale of the shares, after underwriting discounts and
commissions and other offering expenses, are expected to be
approximately $44 million.
Inhibitex has granted the underwriters a 30-day option to
purchase up to approximately 1.7 million additional shares to cover
over-allotments, if any. The offering is expected to close on
April 12, 2011, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering
for working capital and general corporate purposes, including a
Phase 2 clinical trial for INX-189, a nucleotide polymerase
inhibitor that it is developing for the treatment of chronic
hepatitis C infections, and research and development expenses
related to its other development programs.
Deutsche Bank Securities Inc. is acting as sole book-running
manager. Canaccord Genuity Inc. is acting as Lead Manager, JMP
Securities LLC is acting as Co-Manager, and Trout Capital LLC is
acting as a financial advisor.
A shelf registration statement on Form S-3 relating to the
shares was filed with the Securities and Exchange Commission
("SEC") and is effective. A final prospectus supplement
relating to the offering will be filed with the SEC. When
available, copies of the final prospectus supplement and the
prospectus relating to these securities may be obtained by
contacting Deutsche Bank Securities, Inc. by sending a request to
Deutsche Bank Securities Inc., Attn: Prospectus Department, 100
Plaza One, Jersey City, NJ 07311,
Telephone number: 800-503-4611, Email:
prospectusrequest@list.db.com. Electronic copies of the
prospectus supplement and accompanying prospectus will also be
available on the website of the SEC at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock of
Inhibitex, Inc., nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Inhibitex
Inhibitex, Inc. is a clinical stage biopharmaceutical company
focused on developing products to prevent and treat serious
infectious diseases. The Company's pipeline includes FV-100,
which is in Phase 2 clinical development for the treatment of
shingles, and INX-189, a nucleotide polymerase inhibitor in Phase 1
clinical development for the treatment of chronic hepatitis C
infections. The Company also has additional HCV nucleotide
polymerase inhibitors in preclinical development and has licensed
the use of its proprietary MSCRAMM® protein platform to Pfizer for
the development of staphylococcal vaccines. For additional
information about the Company, please visit www.inhibitex.com.
Inhibitex® and MSCRAMM® are registered trademarks of Inhibitex,
Inc.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are often, but are not always, made
through the use of words or phrases such as "anticipates,"
"intends," "estimate," "plans," "expects," "we believe," "we
intend," and similar words or phrases, or future or conditional
verbs such as "will," "would," "should," "potential," "could,"
"may," or similar expressions. These statements involve
substantial risks and uncertainties, including risks relating to
the completion of the registered public offering, including the
satisfaction of customary closing conditions, the use of the
anticipated proceeds from the offering, the Company's need to raise
additional operating capital in the future, the Company's
history of losses, risks and costs of drug development, risk
of regulatory approvals, reliance on collaborations and licenses,
intellectual property risks, competition, market acceptance for the
Company's products if any are approved for marketing, reliance on
key personnel and other cautionary statements contained in the
Company's public filings made with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31, 2010, as
filed with the SEC on March 16, 2011.
Given these uncertainties, you should not place undue reliance on
these forward-looking statements, which apply only as of the date
of this press release.
Contacts:
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Russell H. Plumb
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Lee M. Stern, CFA
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Chief Executive
Officer
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The Trout Group
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(678) 746-1136
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(646) 378-2922
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rplumb@inhibitex.com
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lstern@troutgroup.com
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SOURCE Inhibitex, Inc.