LEXINGTON, Mass.--(BUSINESS WIRE)--NitroMed, Inc. (NASDAQ:NTMD) announced today that it entered into definitive agreements to sell approximately 7.6 million shares of its common stock to selected institutional investors at a price of $2.60 per share. The shares were offered under NitroMed’s effective shelf registration statement previously filed with the Securities and Exchange Commission on August 3, 2005. Proceeds to NitroMed from this registered direct offering, net of offering expenses and placement agency fees, total approximately $18.3 million. The net proceeds of the financing are expected to be used for general corporate purposes, including sales, marketing and commercialization efforts for NitroMed’s product, BiDil® (isosorbide dinitrate/hydralazine hydrochloride), and the development of an extended release version of BiDil designed to be taken once per day, known as BiDil XR™.
