Anacor Pharmaceuticals (NASDAQ: ANAC ) is tapping the markets for a fresh infusion of capital. The company has put a price tag of $6.39 per share on its current underwritten public stock issue, in which it is aiming to unload nearly 3.13 million common shares. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 15% of the number of issued shares, in order to cover over-allotments.
Anacor said it plans to use the proceeds of the issue for "research and development activities, working capital and general corporate purposes." It estimates the gross proceeds will total roughly $20 million.
Cowen Group's Cowen and Company is the sole book-running manager of the issue, which Anacor expects will close on May 1.