Biopharmaceutical company Vical Inc. said Monday it plans to sell $12.5 million in stock as part of a direct offering to raise financing for existing drug programs and general corporate purposes.

Vical said it received firm commitments from undisclosed investors to buy 2.5 million shares at $5.02 each.

That is a discount of 1.6 percent from the stock's closing price of $5.10 on Friday, but equal to the closing bid price on the Nasdaq, according to Vical.

The company expects the sale to close Monday.