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MOUNTAIN VIEW, Calif., Sept 23, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- VIVUS, Inc. (Nasdaq: VVUS), announced today the closing of its previously announced underwritten public offering. Prior to closing, the underwriters exercised in full their option to purchase an additional 1,350,000 shares of common stock. As a result, the Company sold a total of 10,350,000 shares of its common stock at a price to the public of $10.50 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses, were approximately $108,675,000.
VIVUS anticipates using the net proceeds from the offering to fund its research and development efforts, including manufacturing activities and clinical trials for its proprietary product candidates and investment in select pre-commercial and commercial activities, and for general corporate purposes, including working capital.
J.P. Morgan Securities Inc. acted as sole book-running manager of the offering. JMP Securities LLC, Lazard Capital Markets LLC and Merriman Curhan Ford acted as co-managers of the offering. Trout Capital LLC acted as an advisor to the Company. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting J.P. Morgan Securities Inc., Attention: Prospectus Department, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245 or by calling (718) 242-8002.
About VIVUS
VIVUS, Inc. is a pharmaceutical company dedicated to the development and commercialization of novel therapeutic products.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on VIVUS' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; reliance on sole source suppliers; limited sales and marketing efforts and dependence upon third parties; risks related to the development of innovative products; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Additional risks and uncertainties relating to the offering, VIVUS and its business can be found under the heading "Risk Factors" in VIVUS' Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, and in the final prospectus filed with the Securities and Exchange Commission on September 18, 2009. VIVUS disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
VIVUS, Inc. Investor Relations: The Trout Group
Timothy E. Morris Brian Korb
Chief Financial Officer 646-378-2923
650-934-5200
SOURCE VIVUS, Inc.
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