May 12, 2010 (FinancialWire) — Pharmasset, Inc. (NASDAQ: VRUS) said that it has launched an underwritten public offering of 3.2 million shares of its common stock. Citi (NYSE: C) is serving as sole book-running manager.

Pharmasset said it plans to grant to the underwriters a 30-day option to purchase up to an additional 480,000 shares of common stock.  for the offering.

The company said it plans to use the net proceeds from the sale of the shares for general corporate purposes, which may include, but are not limited to, the funding of clinical trials, the funding of in-licensing agreements for product candidates, additional technologies or other forms of intellectual property and the acquisition of assets or businesses that are complementary to its existing business.

New Jersey-based Pharmasset is a clinical-stage pharmaceutical company focused on discovering, developing and commercializing novel drugs to treat viral infections.

Pharmasset's primary focus is on the development of oral therapeutics for the treatment of hepatitis C virus and, secondarily, on human immunodeficiency virus.

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