New Haven drug developer Achillion Pharmaceuticals Inc. plans another equity offering to raise millions more to fund ongoing research into treatments for HIV and hepatitis C.
Achillion and its advisers have yet to price the 9-million-share offering. But its shares closed Monday down 10 cents at $6.09.
Another 1.35 million shares will be available to cover oversubscription, authorities say.
Achillion recently launched its first human trial of one of its treatments for chronic hepatitis C. The double-blind Phase 1 study of its ACH-2684 protease inhibitor compound involves stepped-up dosing over a 14-day period as many as 40 U.S. patients infected with the virus and up to 78 healthy volunteers as a control.
In February 2010, Achillion grossed $24.6 million from its public offering that included the sale of an extra 1.5 million shares. Achillion invested net proceeds before offering expenses of $22.9 million into drug development.
The company originally offered to sell 10.3 million shares of common stock but demand quickly prompted it to put up another 1.5 million shares.
