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news.Pharmasset, a clinical-stage pharmaceutical company, has entered into definitive agreements with a select group of institutional investors to sell 4.67 million shares of its common stock in a registered direct offering.
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The investors have agreed to purchase the shares at a purchase price of $9.73 per share resulting in gross proceeds of approximately $45.5 million to Pharmasset, before deducting the placement agent’s fee and estimated offering expenses.
Leerink Swann served as sole placement agent for the offering. Trout Capital provided advisory services for the offering. The transaction is expected to close on or about February 4, 2009, subject to customary closing conditions.
Pharmasset intends to use the net proceeds from the sale of the shares for general corporate purposes, which include, but are not limited to, the funding of clinical trials, the funding of in-licensing agreements for product candidates, additional technologies or other forms of intellectual property and the acquisition of assets or businesses that are complementary to its existing business.