Inhibitex Announces Exercise of Underwriters’ Overallotment Option and Closing of Underwritten Public Offering
April 12 2011 - 12:14PM
Business Wire
Inhibitex, Inc. (Nasdaq: INHX) announced today the underwriters
of its previously-announced underwritten public offering have
exercised, in full, their option to purchase
from Inhibitex an additional 1,719,512 shares of the
Company’s common stock to cover over-allotments. The net proceeds
to Inhibitex from the sale of these additional shares at a
price of $4.10 per share, after deducting the underwriting
discount, are expected to be approximately $6.6 million. This
brings the total expected net proceeds of the offering
to Inhibitex, after deducting the underwriting discount and
estimated offering expenses, to approximately $50.6 million.
The offering closed today, April 12, 2011.
Deutsche Bank Securities Inc. acted as sole book-running manager
on the offering. Canaccord Genuity Inc. acted as Lead Manager, JMP
Securities LLC acted as Co-Manager, and Trout Capital LLC acted 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. Copies of a final prospectus supplement
relating to the offering, which has been filed with the SEC, may be
obtained by contacting 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 are also 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.
Inhibitex, Inc. (MM) (NASDAQ:INHX)
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