VRUS raised $45M in a registered direct @$9.73/sh, and the stock closed up 9% on Friday to 11.40. Why up on news of a discounted offering? Two reasons: i) The offering has no warrants; and ii) The discount relative to Thursday’s close is a modest 7%.
The above is the good news. The bad news is that the 9.73 offering price is about half the price VRUS got in the previous offering six months ago (#msg-30705478).
VRUS had $64M in cash as of 9/30/08 (#msg-34179657) and has not yet reported results for the December quarter. Since the company has been burning about $14M per quarter, we may assume the cash balance after today’s offering is in the neighborhood of $90M.
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