Chimerix shareholders selling 2.48 million shares
10/17/2013 10:36 AM
10/17/2013 10:37 AM
Chimerix shareholders plan to sell 2.48 million shares, the Durham drug developer said in a regulatory filing.
Chimerix announced last week that its big investors were seeking to sell as much as $50 million worth of their stock in the company. That announcement led to a 25 percent drop in the company’s stock price.
Chimerix shares were flat in early trading Thursday.
The company will receive no money from the upcoming stock sale. Chimerix received net proceeds of $107.6 million in April from an initial public offering of stock.
Chimerix is developing a treatment for life-threatening viral infections in patients whose immune systems have been compromised by cancer or by drugs. Its most advanced experimental drug, CMX001, has gone through two patient trials and is scheduled for a third and final test this year.
Chimerix is also developing an experimental HIV treatment, CMX157. Merck licensed the rights to the product for a $17.5 million upfront payment plus milestone payments that could reach $151 million. Merck will be responsible for developing and marketing the drug.
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