May 19, 2010 (FinancialWire) — Pharmasset, Inc. (NASDAQ: VRUS) said that the underwriters of its recent stock offering have exercised their option to purchase an additional 480,000 shares of common stock. Citi (NYSE: C) is serving as sole book-running manager for the offering.

The net proceeds to Pharmasset, after deducting the underwriting discount, from the sale of these additional shares are expected by the company to be around $13.2 million. This brings the total expected proceeds of the offering, after deducting the underwriting discount and estimated offering expenses, to $101.1 million.

Pharmasset granted the option in connection with its previously reported offering of 3.2 million shares of common stock at an offering price of $29 per share, which is scheduled to close on May 19.

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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