Durham-based Chimerix hopes to raise $60M in stock offering

Cathy Martin - May 20, 2014 - 4:00:00 pm

Chimerix Inc. plans to sell 6.2 million shares of common stock in a public offering.

The drug-development company plans to use $60 million from the sale to fund current and future clinical studies for brincidofovir, an antiviral drug for patients with compromised immune systems including transplant patients.

The present clinical study was initiated by a social media campaign led by the parents of Josh Hardy, a critically ill 7-year-old, in which they urged Chimerix to provide their son with the experimental medication although it was not yet approved by the FDA.

Last week, Whitehouse Station, N.J.-based Merck decided to end its 2-year-old licensing agreement to develop and market the company’s treatment for HIV. Chimerix, which received a $17.5 million upfront payment as part of the deal, could have received up to $151 million more if Merck had not opted out of the agreement.

No estimated share price was indicated on the Durham-based company's filing.

Chimerix shares closed at $16.82 on Monday. Share prices reached a 52-week high of $27.14 on March 14. The company reported $37 million in cash and $63 million in short-term investments as of March 31.

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