Rodman & Renshaw, LLC Acts As A Co-Manager To VIVUS, Inc. In Public Offering Of Common Stock

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) announced that it has acted as a Co-Manager to its client VIVUS, Inc. (Nasdaq: VVUS), who announced on February 29 ^th, the pricing of an underwritten public offering of 9,000,000 shares of its common stock at a price to the public of $22.50 per share. The gross proceeds from the sale of the shares, before underwriting discounts and commissions and other offering expenses, are expected to be approximately $202.5 million. The offering is expected to close on or about March 6, 2012, subject to customary closing conditions. The company has also granted the underwriters a 30-day option to purchase up to an aggregate of 1,350,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are being sold by VIVUS.

VIVUS anticipates using the net proceeds from this offering (i) to fund the creation of the infrastructure including the hiring of a field sales force and the development and production of promotional materials necessary to commercialize Qnexa in the United States, if approved, for the treatment of obesity; (ii) to cover expenses in connection with pursuing non-U.S. marketing approvals for Qnexa and avanafil; (iii) to fund new clinical trials for Qnexa and other investigational product candidates; (iv) to finance our marketing and awareness efforts for Qnexa; (v) to fund the ongoing hiring of additional sales and marketing, regulatory, medical affairs and research and development and other personnel to support Qnexa and our other investigational product candidates; (vi) to fund additional investment in information technology infrastructure and product support systems; (vii) for third-party contract supply costs; (viii) to fund the cost of any post-approval Qnexa requirements, including the cost to complete a cardiovascular outcomes study and any additional studies required for Qnexa; and (ix) for general corporate purposes, including working capital. We also may use a portion of the net proceeds to acquire strategic assets, although we currently have no agreements or commitments in this regard.

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