By Sheri Kasprzak
Atlanta, Nov. 10 - Inhibitex Inc. said Wednesday it has closed its previously announced $50 million private placement.
The company sold 6,777,370 shares at $7.3775 and warrants for 2,033,211 shares at $8.81. The warrants in the deal become exercisable May 9, 2005 and expire Nov. 10, 2009.
The investors in the offering include New Enterprise Associates 10 LP, William Blair Capital Partners, Essex Woodlands Health Ventures V LP and Alliance Technology Ventures III LP. The investors hold more than 5% of Inhibitex's outstanding capital stock.
Lazard LLC acted as placement agent in the deal.
The Alpharetta, Ga.-based biopharmaceutical company plans to use the proceeds from the financing for the development of its Veronate and Aurexis clinical programs, for its pre-clinical research programs and for general corporate purposes.
| Issuer: | Inhibitex Inc.
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| Issue: | Stock
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| Amount: | $50 million
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| Shares: | 6,777,370 million
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| Price: | $7.3775
|
| Warrants: | For 2,033,211 shares
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| Warrant strike price: | $8.81
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| Placement agent: | Lazard LLC
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| Investors: | New Enterprise Associates 10 LP, William Blair Capital Partners, Essex Woodlands Health Ventures V LP and Alliance Technology Ventures III LP
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| Announcement date: | Nov. 5
|
| Settlement date: | Nov. 10
|
| Stock price: | $7.07 at close Nov. 4
|
| Stock price: | $7.37 at close Nov. 10
|
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