LOS ANGELES, Sept 16 (Reuters) - Vivus Inc, which unveiled better-than-expected trial results last week for experimental weight-loss drug Qnexa, announced plans in a regulatory filing on Wednesday to sell at least 9 million shares in a public offering.
The sale would boost the company's outstanding shares by at least 13 percent. Vivus said underwriters will have the option to purchase another 1.35 million shares to cover any over- allotments.
News last week that obese patients taking Qnexa for a year lost nearly 15 percent of their body weight sent the company's share up more than 70 percent.
The stock has since cooled slightly. Vivus shares fell 4 percent on Wednesday to close at $10.79 on Nasdaq and were down another 5 percent at $10.26 in after hours trading.
The company has said it is seeking a partner to commercialize the weight-loss drug.
JP Morgan is the sole book-running manager of the Vivus offering.
(Reporting by Deena Beasley; editing by Andre Grenon) Keywords: VIVUS/ (deena.beasley@thomsonreuters.com +1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The sale would boost the company's outstanding shares by at least 13 percent. Vivus said underwriters will have the option to purchase another 1.35 million shares to cover any over- allotments.
News last week that obese patients taking Qnexa for a year lost nearly 15 percent of their body weight sent the company's share up more than 70 percent.
The stock has since cooled slightly. Vivus shares fell 4 percent on Wednesday to close at $10.79 on Nasdaq and were down another 5 percent at $10.26 in after hours trading.
The company has said it is seeking a partner to commercialize the weight-loss drug.
JP Morgan is the sole book-running manager of the Vivus offering.
(Reporting by Deena Beasley; editing by Andre Grenon) Keywords: VIVUS/ (deena.beasley@thomsonreuters.com +1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.