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.