Inhibitex completes $23 million private placement of common stock and warrants

Inhibitex, Inc. (Nasdaq: INHX) today reported the completion of its previously announced $23 million private placement of common stock and warrants. Investors in the private placement purchased units, each consisting of one share of common stock and a warrant to purchase .45 of a share of common stock, at a purchase price of $1.28 per unit, which is equal to the consolidated closing bid price of the common stock as reported on the NASDAQ Capital Market for October 22, 2009, plus $0.06. The warrants have an exercise price equal to $1.46 per share, and expire on October 28, 2013.

The shares and warrants sold in the private placement and the shares issuable upon the exercise of the related warrants have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws, and may not be offered or sold in the United States without being registered with the Securities and Exchange Commission ("SEC") or through an applicable exemption from SEC registration requirements. The shares and warrants were offered and sold only to accredited investors. Inhibitex has agreed to file a registration statement with the SEC covering the resale of the shares issued in the private placement and the shares issuable upon the exercise of the warrants.