Viratek Inc. completed its public offering of 1.375 units at$7.75 per unit. The units consist of one share of Viratekcommon stock and one common stock purchase warrant, andare traded on the American Stock Exchange (ASE:VRAE).
There were 14.6 million shares of common stock outstandingprior to the offer.
Net proceeds from the offering, estimated at about $9 million,will be used to complete Phase III clinical trials and relatedproject costs to evaluate the company's anti-viral compound,Virazole, in the treatment of hepatitis C, to fund continueddevelopment of certain other anti-cancer and immune-stimulatory compounds, and for general working capitalpurposes.
Viratek is principally engaged in the development andlicensing of therapeutic pharmaceutical compounds derivedfrom nucleic acids, including Virazole. The common stock ofViratek is also traded on the American Stock Exchange underthe symbol VRA.
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