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Inhibitex Prices $47 Million Public Offering
Date:4/7/2011

ATLANTA, April 7, 2011 /PRNewswire/ -- Inhibitex, Inc. (Nasdaq: INHX) today announced that it has priced a public offering of 11,463,415 shares of its common stock, at a purchase price of $4.10 per share, for an aggregate offering amount of $47 million. The net proceeds to Inhibitex from the sale of the shares, after underwriting discounts and commissions and other offering expenses, are expected to be approximately $44 million.  Inhibitex has granted the underwriters a 30-day option to purchase up to approximately 1.7 million additional shares to cover over-allotments, if any. The offering is expected to close on April 12, 2011, subject to customary closing conditions.  The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including a Phase 2 clinical trial for INX-189, a nucleotide polymerase inhibitor that it is developing for the treatment of chronic hepatitis C infections, and research and development expenses related to its other development programs.  

Deutsche Bank Securities Inc. is acting as sole book-running manager. Canaccord Genuity Inc. is acting as Lead Manager, JMP Securities LLC is acting as Co-Manager, and Trout Capital LLC is acting as a financial advisor.

A shelf registration statement on Form S-3 relating to the shares was filed with the Securities and Exchange Commission ("SEC") and is effective.  A final prospectus supplement relating to the offering will be filed with the SEC. When available, copies of the final prospectus supplement and the prospectus relating to these securities may be obtained by contacting Deutsche Bank Securities, Inc. by sending a request to Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Jersey City, NJ 07311, Telephone number: 800-503-4611, Email: prospe
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