Triangle Pharmaceuticals intends to raise as much as $80 million in a new stock offering.

Triangle (Nasdaq: VIRS) filed a notification with the Security and Exchange Commission documentation spelling out its plans to issue common and preferred stock. The company says the funds will be used for product development, sales and marketing and general corporate purposes.

Triangle stock closed at $3 on Tuesday. Its stock has traded as high as $5.95 and as low as $1.69 over the past year.

Triangle filed a new drug application with the Federal Drug Administration earlier this month for Coviracil, a new treatment for HIV.

Triangle Pharmaceuticals:

To read SEC filing: