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Anadys Raises $25M for ANA598 Phase 2b in 1st Qtr 2011
Luke Timmerman 10/15/10
Anadys Pharmaceuticals (NASDAQ: ANDS), the San Diego-based developer of a treatment for hepatitis C, said today it has raised about $25 million through a stock offering. The company sold about 13.9 million shares at $1.80 apiece. Lazard Capital Markets managed the deal.
Anadys Pharmaceuticals, Inc. Prices Public Offering of Common Stock
SAN DIEGO, Oct. 15 /PRNewswire-FirstCall/ -- Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS) announced today the pricing of its underwritten public offering of 13,888,889 shares of its common stock at a price to the public of $1.80 per share. The gross proceeds to Anadys from this offering are expected to be approximately $25.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about October 20, 2010, subject to customary closing conditions. Anadys has also granted the underwriter a 30-day option to purchase up to an aggregate of 2,083,333 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Anadys.
Lazard Capital Markets LLC is acting as sole book-running manager in the offering. Anadys intends to use the net proceeds from the offering to support a Phase IIb study of ANA598, which Anadys is on track to commence early in the first quarter of 2011, as well as for general corporate purposes, including working capital.
About Anadys
Anadys Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to improving patient care by developing novel medicines for the treatment of hepatitis C. Anadys believes hepatitis C represents a large unmet medical need in which meaningful improvements in treatment outcomes may be attainable with the introduction of new medicines. Anadys is developing ANA598, a direct-acting antiviral or DAA, for the treatment of hepatitis C. In an ongoing Phase II study, Anadys has completed 12 weeks of dosing ANA598 added to current standard of care. Anadys has also investigated the potential of ANA773, an oral, small-molecule inducer of endogenous interferons that acts via the Toll like receptor 7, or TLR7, pathway in hepatitis C.
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