Sep 24 2010
Vical Incorporated (Nasdaq:VICL) today announced the pricing of an underwritten public offering of 15,000,000 shares of its common stock at a price to the public of $2.25 per share. The gross proceeds to us from this offering are expected to be approximately $33.8 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by us. The offering is expected to close on or about September 29, 2010, subject to customary closing conditions.
Jefferies & Company, Inc. is acting as sole book-running manager in the offering, Stifel Nicolaus Weisel is acting as co-lead manager for the offering and Canaccord Genuity Inc. is acting as co-manager for the offering. Vical has granted the underwriters a 30-day option to purchase up to an aggregate of 2,250,000 additional shares of common stock to cover over-allotments, if any. Vical anticipates using the net proceeds from the offering for general corporate purposes, including clinical trial expenses, research and development expenses and other working capital.