4. Financing Activities
In June 2011, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Leerink Swann LLC, as underwriters (the "Underwriters"), related to a public offering of shares of the Company's common stock, par value $.001 per share, at a price of $5.90 per share less underwriting discounts and commissions (the "Offering"). The Company issued and sold an aggregate of 11,040 shares of common stock in connection with the Offering and the exercise of the over-allotment option that was granted to the underwriters in the Underwriting Agreement.
The Offering resulted in net proceeds to the Company of $60,947, after deducting offering related expenses and underwriting discounts. The Company intends to use the net proceeds to continue clinical testing of ACH-1625, ACH-2684, and ACH-2928, to continue IND-enabling preclinical studies of ACH-3102 and for general corporate expenses.