Key Developments For Inhibitex, Inc.
Inhibitex, Inc. (INHX.O) (Consolidated Issue listed on NASDAQ Capital Market)
Inhibitex, Inc. Completes $23 Million Financing
Inhibitex, Inc. 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.
Inhibitex, Inc. Announces Equity Financing Of $23 Million
Inhibitex, Inc. announced that it has entered into definitive purchase agreements with institutional investors for the sale of approximately $23 million of its common stock, and warrants to purchase common stock, in a private placement. The private placement was led by QVT funds, and co-investors include OrbiMed Advisors, New Enterprise Associates (NEA) and Great Point Partners, as well as several other existing investors. Each unit, consisting of one share of common stock and a warrant to purchase 0.45 of a share of common stock, will be sold at a purchase price of $1.28, which is equal to the consolidated closing bid price of the Company`s common stock as reported on the Nasdaq Capital Market on October 22, 2009, plus $0.06. Accordingly, the Company anticipates issuing approximately 18 million shares of common stock and warrants to purchase approximately 8.1 million shares of common stock pursuant to the private placement. The warrants will have a four-year term and an exercise price equal to $1.46 per share. The Company intends to use the proceeds for research and development, working capital and general corporate purposes. MTS Securities, LLC, an affiliate of MTS Health Partners, served as the placement agent in the private placement. The Company expects that the private placement will close on October 28, 2009.
Inhibitex, Inc. Initiates Phase II Clinical Trial Of FV-100 For Treatment Of Shingles
Inhibitex, Inc. announced that it has initiated a Phase II clinical trial with FV-100, its oral antiviral compound in clinical development for the treatment of herpes zoster (shingles). The Phase II clinical trial is a well controlled, double blind study evaluating FV-100 against an active control (valacyclovir). Approximately 350 patients, aged 50 years and older, will be equally randomized to one of three treatment arms: 200 mg FV-100 administered once daily; 400 mg FV-100 administered once daily; and 1,000 mg valacyclovir administered three times per day. In addition to further evaluating its safety, the objective of the trial is to evaluate the therapeutic benefit of FV-100 in reducing: the severity and duration of shingles-related acute pain; the incidence of post herpetic neuralgia (PHN); the time to lesion healing; and the use of concomitant pain medications.
Inhibitex, Inc. Comments On FY 2009 Revenue Outlook-Conference Call
Inhibitex, Inc. announced that for fiscal 2009, it anticipates revenues to decrease as revenue recognized from upfront license fees received from 3M were fully amortized as of the end of 2008. The Company reported revenue of $3.15 million in fiscal 2008. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $2.15 million for fiscal 2009.
Inhibitex, Inc. Completes Phase I Clinical Trials For FV-100 And Selects Lead HCV Compounds For Advanced Preclinical Studies
Inhibitex, Inc. announced that it has completed its Phase I clinical trials of FV-100, a highly potent and fast-acting oral compound being developed to treat shingles (herpes zoster). The recently completed trials include both a multiple ascending dose study in subjects aged 18-55 and a separate study conducted in subjects 65 years of age or older. The blinded, placebo controlled multiple ascending dose trial was designed to evaluate the safety and pharmacokinetics of five oral doses of FV-100 (100, 200, 400 and 800 mg administered once a day and 400 mg administered twice daily, each for seven days) in healthy subjects aged 18-55. Each dose cohort consisted of six subjects that received FV-100 and two that received placebo. The blinded, placebo controlled trial in elderly subjects aged 65 years and older was comprised of two cohorts. In the first cohort, 10 subjects received a single 400 mg dose of FV-100 and two received placebo. In the second cohort, 10 subjects received 400 mg of FV-100 administered once daily for seven consecutive days and two received placebo. The purpose of this study was to compare the safety and pharmacokinetics of FV-100 in older individuals, which represent approximately half of all shingles patients, to those of younger subjects from the Company`s single and multiple ascending dose Phase I trials. The Company reported that in both trials there were no serious adverse events reported and FV-100 appeared to be well tolerated at all dose levels.
