Vical plans to raise $50 million
This article was originally published in Scrip
Executive Summary
As Vical prepares for the completion of the Phase III trial of its leading wholly-owned product, it has made a secondary stock offering that aims to raise around $50 million. Vical tried to incentivise new investors, offering 13.3 million shares at $3.75 each, a 12% discount to the stock’s closing price of $4.28 on 5 January. Consequently the stock dropped on 6 January: they were down 15% on the day, to $3.64.