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Anadys Pharmaceuticals, Inc. Announces Pricing of Common Stock and Warrant Offering
Date:6/4/2009

SAN DIEGO, June 4 /PRNewswire-FirstCall/ --Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS) announced that it has entered into definitive agreements with institutional investors to raise approximately $17.5 million in gross proceeds in a "registered direct" offering through the sale of shares of its common stock and warrants. Anadys estimates that net proceeds from the offering will be approximately $16.2 million, after deducting placement agent fees and estimated offering expenses (not including up to $100,000 of related expenses payable to the placement agent). Anadys has entered into subscription agreements with each of these investors pursuant to which it has agreed to sell a total of 8,358,000 units, each unit consisting of (i) one share of common stock and (ii) one warrant to purchase 0.35 of a share of common stock (or a total of 2,925,300 shares), at a purchase price of $2.09375 per unit. The warrants will be exercisable six months after issuance at $2.75 per share and will expire 5 years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately. The closing of the transaction is scheduled to occur on June 9, 2009, subject to the satisfaction of customary closing conditions. 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 Anadys' ongoing programs, as well as for other general corporate purposes.

Cowen and Company, LLC, a subsidiary of Cowen Group, Inc. (Nasdaq: COWN), acted as the exclusive placement agent for the transaction.

A shelf registration statement relating to the shares of common stock and warrants issued in the offering
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SOURCE Anadys Pharmaceuticals, Inc.
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