Clinical-stage pharmaceutical company Pharmasset Inc. said Tuesday it has sold 1.45 million shares of stock to institutional investors, raising about $25.9 million.
The investors agreed to buy the stock for $17.85 per share. Pharmasset said it will use the funds for general corporate purposes, which could include acquisitions, funding clinical trials and licensing agreements for Pharmasset's products, technologies or other intellectual property.
The $25.9 million total does not include placement fees and offering expenses paid by Pharmasset.
The Princeton, N.J., company previously had 21.6 million shares outstanding, according to Thomson Financial. Pharmasset reported $464,292 in revenue in the first quarter.
In afternoon trading, its shares gained 28 cents to $18.69. The stock last traded at $17.85 on July 7.
Terms & Conditions
RSS Headlines
Fool UK