Durham drug developer Chimerix raised $173 million Tuesday through a stock offering of 4.34 million shares.
Chimerix, which specializes in advanced antivirals, went public just two years ago and raised $118 million at the time. Now the 100-employee company is hungry for new cash to finance ongoing clinical trials in the final phases of drug development that could cost $125 million this year alone.
Chimerix said Tuesday offered investors more than 4.3 million shares at $39.75 a share. As part of the stock offering, the company offered more than half-a-million shares at discount prices to Morgan Stanley, J.P. Morgan Securities and other underwriters on Wall Street.
The proceeds of the stock offering, minus underwriting fees and expenses, add to the $267.2 million in capital Chimerix had as of the first quarter.
Chimerix’ stock closed at $41.76, up 84 cents, Tuesday.
The company was founded in 2000 and is developing advanced antiviral drugs that can be used against lethal viral infections. Its lead candidate, brincidofovir, is being tested for prevention of cytomegalovirus infection in bone marrow transplant recipients and also for the treatment of adenovirus infections in immuno-compromised patients.
Chimerix has a historyof targeting viruses with no known treatments or with existing treatments complicated by dangerous side effects. Adenovirus, which causes the common cold, can be fatal to cancer patients whose immune systems have been compromised by the combination of a bone marrow transplant, chemotherapy and immunosuppressants.
Earlier this year Chimerix withdrew brincidofovir from clinical trials for the Ebola virus disease as the epidemic waned.