Thursday, August 6, 2009

Idenix stock offering to add $21M

By Craig M. Douglas

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Drug maker Idenix Pharmaceuticals Inc. said it plans to net $21.2 million from a common stock offering underwritten by Boston-based investment bank Leerink Swann LLC.

The offering, announced late Wednesday, involves 7.25 million Idenix shares priced at $3.14 a share.

Based in Cambridge, Idenix (NASDAQ: IDIX) aims to develop drugs for the treatment of human viral diseases. In February, the company signed a deal with GlaxoSmithKline PLC potentially worth more than $400 million. 

As of June 30, Idenix had roughly $50.5 million in cash and cash equivalents on its books, up from around $42 million at the end of 2008. The company booked a net loss of $16.3 million in the second quarter, a slight improvement over the $18.9 million loss in the year-earlier period.