Vivus raises $33.6 million

Vivus, a California, USA-based firm engaged in the development and commercialization of novel therapeutic products addressing obesity and sexual health, says that it has entered into a securities purchase agreement with several institutional investors for the sale of its common stock in a registered direct offering. Proceeds from the offering will be approximately $33.6 million. Under the terms of the financing, Vivus will sell 9.6 million shares of its common stock at a price of $3.50 each. The shares were priced at market based on a three-day trailing average closing price.

The company says it intends to use the proceeds for general corporate purposes and to fund clinical trials of our product candidates, including the advancement of the clinical program for Qnexa (a combination of phentermine and topiramate, a drug used to prevent migraines and treat seizures) for the treatment of obesity.