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Pharmasset Announces $25.9 Million Registered Direct Offering of Common Stock
Date:7/15/2008

PRINCETON, N.J., July 15 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS) announced today that it has entered into definitive agreements dated July 14, 2008 with a select group of institutional investors to sell 1,450,000 shares of its common stock in a "registered direct" offering. The investors have agreed to purchase the shares at a purchase price of $17.85 per share resulting in gross proceeds of approximately $25.9 million to Pharmasset, before deducting placement agent fees and estimated offering expenses. Morgan Stanley & Co. Incorporated, Canaccord Adams Inc., Cowen and Company, LLC and Leerink Swann LLC served as placement agents for the offering and Morgan Stanley acted as lead manager.

The shares described above are being offered by Pharmasset pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission on June 26, 2008. The transaction is expected to close on or about July 21, 2008, subject to customary closing conditions. Pharmasset intends to use the net proceeds from the sale of the shares for general corporate purposes, which include, but are not limited to, the acquisition of assets or businesses that are complementary to its existing business, the funding of clinical trials and the funding of in-licensing agreements for product candidates, additional technologies or other forms of intellectual property.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any
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SOURCE Pharmasset, Inc.
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