Biopharmaceutical company Vical Inc. said Monday it plans to sell $12.5 million in stock as part of a direct offering to raise financing for existing drug programs and general corporate purposes.
Vical said it received firm commitments from undisclosed investors to buy 2.5 million shares at $5.02 each.
That is a discount of 1.6 percent from the stock's closing price of $5.10 on Friday, but equal to the closing bid price on the Nasdaq, according to Vical.
The company expects the sale to close Monday.
Vical is focused on DNA vaccines through new age delivery mechanisms.
The stock is trading up 9 cents just before closing.
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