SAN DIEGO, May 26, 2009 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today announced that it has received a commitment from an additional institutional investor, Special Situations Funds, to purchase approximately $4.6 million of securities on the same terms specified in the registered direct offering announced on May 22. Under the terms of a Securities Purchase Agreement, Vical will sell to the additional investor an aggregate of 2,000,000 shares of its common stock and options to purchase up to 1,000,000 additional shares of its common stock. Together with the prior commitments from lead investor Federated Kaufmann Fund and a second institutional investor, the commitment from the additional investor brings the total offering to approximately $20.0 million of securities. Federated Kaufmann Fund and Special Situations Funds have been among Vical’s largest stockholders for the past several years. Vical expects to receive net proceeds of approximately $18.9 million from the total offering after deducting placement agent fees and other offering expenses. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used in the further development of Vical’s ongoing programs, as well as for other general corporate purposes.
