INHIBITEX RAISES $41M
Biotech firm Inhibitex said Thursday it has arranged for $41 million in financing to help push its two lead drug candidates in treating infections through clinical trials. The Alpharetta, Georgia-based firm said a group of institutional investors has agreed to buy 5 million shares of common stock at $8.25 per share. The firm expects to close the financing by August 22. Inhibitex also plans to use the money for preclinical development work.