Chimerix, which last week regained rights to a drug candidate from pharmaceutical giant Merck, is looking to raise new capital through a stock offering.

Chimerix (Nasddaq: CMRX) announced the stock move after the markets closed on Monday.

CMRX closed at $16.82, up 44 cents or 2.7 percent.

The company’s shares have traded between $12.96 and $27.69 since going public last year.

Funds will be used for further research and development as well as general corporate purposes and working capital, the company said.

Some 6.2 million shares are to be sold with another 930,000 shares available to underwriters.

On Friday, Chimerix disclosed that Merck had decided to drop development of a Chimerix compound known as CMX 157. Chimerix said that it “has no present plans for allocation or current or future resources” for CMC 157.

“Our focus remains on the aggressive development of brincidofovir for the prevention of CMV and the treatment of adenovirus infections in patients with compromised immune systems,” said M. Michelle Berrey, chief executive officer and chief medical officer of Chimerix.

CMV is the acronym for cytomegalovirus, a contagious virus that spreads via bodily secretions.