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Durham's Chimerix to raise $105M in public offering
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- Jason deBruyn
- Staff Writer- Triangle Business Journal
- Email | Twitter
Durham drug developer Chimerix plans to raise $105 million through a public stock offering.
Chimerix (Nasdaq: CMRX) shares closed at $29.79, down 5 percent from Tuesday's close. In after-hours trading, shares fell another 3 percent.
As of Monday, Chimerix had 36 shares of common stock outstanding and no shares of preferred stock outstanding.
In a filing, Chimerix said it retained "broad discretion" over the use of the proceeds. The $105 million is part of a $150 million shelf registration. In connection with the offering, Chimerix will grant underwriters the opportunity to buy $15.75 million in shares.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering, and Cowen and Company, LLC, Piper Jaffray & Co. and Stifel, Nicolaus & Company, Incorporated are acting as co-lead managers for the offering.
Founded in 2000, Chimerix scientists are developing oral antiviral therapeutics. Chimerix's lead product candidate, brincidofovir (CMX001), is an oral nucleotide analog that has shown broad-spectrum antiviral activity against all five families of dsDNA viruses that affect humans, including cytomegalovirus (CMV), adenovirus (AdV), BK virus and herpes simplex viruses. In addition, Chimerix has an active discovery program leveraging its lipid technology and the Chimerix Chemical Library, both focusing on viral targets in areas of high unmet medical need.
Jason deBruyn covers The Biopharmaceutical and Health Care industries. Follow him on Twitter @jasondebruyn.
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