Pharmasset Announces Proposed Public Offering of Common Stock
Press Release Source: Pharmasset, Inc. On Wednesday January 27, 2010, 4:49 pm EST
PRINCETON, N.J., Jan. 27 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS) announced today that it has commenced an underwritten public offering, subject to market and other conditions, of $30,000,000 of its common stock pursuant to effective shelf registration statements. Pharmasset intends to grant to the underwriters a 30-day option to purchase up to an additional $4,000,000 of common stock. Leerink Swann LLC is acting as sole book-running manager for the offering.
Pharmasset intends to use the net proceeds from the sale of the shares for general corporate purposes, which include, but are not limited to, the funding of clinical trials, the funding of in-licensing agreements for product candidates, additional technologies or other forms of intellectual property and the acquisition of assets or businesses that are complementary to its existing business.
The shares described above are being offered by Pharmasset pursuant to registration statements previously filed with and subsequently declared effective by the Securities and Exchange Commission. The transaction is subject to customary closing conditions.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained by calling Leerink Swann, toll free, at 1-800-808-7525, Ext. 4814.
surf's up......crikey
