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.