Vivus makes $17.5M plalcing

US company Vivus has completed a private placement of 4,375,000 shares of common stock for aggregate gross proceeds of $17.5 million. The shares of common stock were sold at $4.00 per share, an approximate 9% discount to the five-day trailing average ended May 21. The shares were purchased by a select group of investors consisting of accounts managed by Zesiger Capital Group, SAC Capital Associates, Royal Bank of Canada, Special Situations Funds and Baystar Capital II. Unterberg, Towbin acted as the exclusive placement agent.

The net proceeds of this financing are intended for general corporate purposes, including the possible licensing of new technology and for clinical development programs in the areas of female sexual dysfunction, erectile dysfunction and premature ejaculation.

Vivus has developed and markets in the USA Muse (alprostadil) and Actis, two treatments for erectile dysfunction and has partnered with Sweden's Meda AB for the international marketing and distribution of its male transurethral ED products.