UPDATE: VIVUS Announces $45.8 Million Registered Direct Offering of Common Stock at $6.65/Share

VIVUS, Inc. VVUS today announced that it has entered into definitive agreements dated August 23, 2011 with a select group of institutional investors to sell 6,889,098 shares of its common stock in a "registered direct" offering. The investors have agreed to purchase the shares at a purchase price of $6.65 per share, resulting in gross proceeds of approximately $45.8 million to VIVUS before estimated fees and expenses of approximately $562,000. All of the shares of common stock are being offered pursuant to an effective Registration Statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"). A prospectus supplement relating to the offering will be filed by VIVUS with the SEC. The transaction is expected to close on or about August 24, 2011, subject to customary closing conditions. Funds managed by QVT Financial LP were lead investors in the offering with two other existing investors also participating. VIVUS intends to use the proceeds from the financing for general corporate purposes as set forth in the prospectus supplement to the Registration Statement.