NitroMed Sells Stock

The company raises $58 million in a placement with institutions.
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NitroMed

(NTMD)

set plans to sell 6.1 million shares to institutional investors at $10.25 each.

The shares are being offered under NitroMed's effective shelf registration statement previously filed with the

Securities and Exchange Commission

. Proceeds to NitroMed from this registered direct offering, net of offering expenses and placement agency fees, total $58.6 million.

The net proceeds of the financing will be used for general corporate purposes, including the continued commercial launch of NitroMed's first marketed product, BiDil (isosorbide dinitrate/hydralazine hydrochloride).

J.P. Morgan Securities and Thomas Weisel Partners acted as placement agents in this offering.

On Wednesday, NitroMed shares fell 25 cents to $11.27.