Biopharmaceutical developer Vical Inc.'s (VICL) public offering
of 13.3 million shares priced at a 12% discount from Thursday's
close.
Shares were recently trading at $3.79, slightly above the
offering price of $3.75.
Vical develops gene-based treatments for cancer as well as
vaccines for infectious diseases. Last year, it signed a $130
million licensing deal with Japan's Astellas Pharma Inc. (4503.TO,
ALPMY) to develop and sell its TransVax cytomegalovirus vaccine.
Like many development-stage drug makers, it posts frequent
losses.
The company, which had about 73.7 million outstanding shares as
of Nov. 1, outlined plans to offer stock late Thursday but didn't
detail how many shares it intended to offer.
The firm expects to use the proceeds for general corporate
purposes, including clinical trial expenses, research and
development and other working capital.
In November, Vical said it swung to a third-quarter profit on a
large increase in license and royalty revenue.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108;
ben.rubin@dowjones.com;