Business

May 20, 2014

Chimerix seeks to sell 6.2 million shares

Chimerix shares were down about 8 percent in early trading Tuesday after the Durham company announced plans to sell 6.2 million shares in a stock offering.

Chimerix shares were down about 8 percent in early trading Tuesday after the Durham company announced plans to sell 6.2 million shares in a stock offering.

The underwriters of the sale also have the option to purchase 930,000 additional shares.

Chimerix reported in a regulatory filing earlier this month that it planned to sell any combination of securities for a total sum of $200 million. At the company’s current stock price, the sale of 6.2 million shares would raise nearly $95 million.

The company plans to use the money to fund its research and development efforts and for corporate purposes. Chimerix recently launched a pilot study to provide its drug brincidofovir to 21 patients. Brincidofovir is designed to prevent potent virus infections without debilitating side effects.

Chimerix shares, which opened at $16.82 Tuesday, were down $1.52 in early trading.

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