VVUS: Was there a modicum of corporate espionage in the timing of this financing transaction? Presuming that VVUS had a prior understanding with JPM to price an offering before ARNA reported results from the BLOSSOM study, VVUS and JPM still had to know that ARNA would issue a PR to schedule a CC rather than announcing the clinical results immeditaely.
›VIVUS Announces Pricing of Public Offering of Common Stock
Thursday September 17, 2009, 7:30 pm EDT
MOUNTAIN VIEW, Calif., Sept. 17 /PRNewswire-FirstCall/ -- VIVUS, Inc. (Nasdaq: VVUS ) announced today the pricing of an underwritten public offering of 9,000,000 shares of its common stock at a price to the public of $10.50 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses, are expected to be approximately $94.5 million.
The offering is expected to close on or about September 23, 2009, subject to customary closing conditions. The company has also granted the underwriters a 30-day option to purchase up to an aggregate of 1,350,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are being sold by VIVUS.
VIVUS anticipates using the net proceeds from the offering to fund its research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates and investment in select pre-commercial and commercial activities, and for general corporate purposes, including working capital.
J.P. Morgan Securities Inc. is acting as sole book-running manager of the offering. JMP Securities LLC, Lazard Capital Markets LLC and Merriman Curhan Ford are acting as co-managers of the offering. Trout Capital LLC acted as an advisor to the Company.‹
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