VIVUS (VVUS) Announces $11.55 Million Registered Direct Offering of Common Stock

VIVUS, Inc. (Nasdaq: VVUS; the “Company”), a biopharmaceutical company, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 7,218,750 shares of the Company’s common stock, at a purchase price of $1.60 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about April 3, 2020, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from this offering are expected to be $11.55 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital, general corporate purposes, research and development and satisfaction of corporate debts.

The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-227353) previously filed with the Securities and Exchange Commission (the "SEC") on September 14, 2018 and declared effective by the SEC on September 27, 2018.

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