Anadys Raises $12.5M, Hires Banker
Luke Timmerman5/26/10
Anadys Pharmaceuticals (NASDAQ: ANDS), the San Diego-based developer of a treatment for hepatitis C, said today it has raised $12.5 million through a registered stock offering with certain institutional investors. The company has agreed to sell about 5.8 million shares at $2.15 apiece, about a 3.5 percent discount from yesterday’s closing stock price of $2.23. Lazard Capital Markets served as the lead placement agent in the offering. Separately, Anadys said today it has hired Lazard as a strategic adviser as it “pursues various avenues aimed at value recognition for its stockholders,” according to a statement. Anadys burned through about $5 million of its cash reserves in the first quarter, and was left with about $15 million left in the bank at the end of March.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
