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Financings & Placements: Anadys Pharmaceuticals Eyes $12.5 Million Raise

June 1, 2010 (FinancialWire) — Anadys Pharmaceuticals, Inc. (NASDAQ: ANDS) said that it has entered into definitive agreements with certain institutional investors to raise around $12.5 million in gross proceeds in a "registered direct" offering through the sale of a total of 5,813,954 shares of its common stock at an offering price of $2.15 per share.

Anadys estimates that net proceeds from the offering will be around $11.3 million. The closing of the transaction is scheduled to occur on June 1.

The company said it will use the proceeds from the transaction for general corporate purposes.

California-based Anadys Pharmaceuticals is a biopharmaceutical company focused on developing novel medicines for the treatment of hepatitis C.

The company is developing ANA598, a non-nucleoside polymerase inhibitor for the treatment of hepatitis C. In an ongoing Phase II study, the company has completed 12 weeks of dosing ANA598 added to current standard of care.

Anadys has also investigated the potential of ANA773, an oral, small-molecule inducer of endogenous interferons that acts via the Toll like receptor 7, or TLR7, pathway in hepatitis C

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