Anacor Pharmaceuticals (UNKNOWN:ANAC.DL) 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.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.