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.

Red Herring (http://www.redherring.com/Article.aspx?a=13233&hed=Inhibitex%2BRaises%2B%2441M)