Novavax Announces Closing of $18 Million Registered Direct Offering
The Company intends to use the proceeds from this offering forpre-clinical and clinical studies for its VLP-based vaccines, internalresearch and development programs, working capital, capital expenditures andother general corporate purposes.
This offering was made pursuant to an existing effective shelfregistration statement and was made directly by the Company. A prospectussupplement and the accompanying base prospectus was filed with the Securitiesand Exchange Commission ("SEC") on July 29, 2008 and may be obtained at theSEC's website at http://www.sec.gov.
Novavax, Inc. is a clinical-stage biotechnology company creating novelvaccines to address a broad range of infectious diseases worldwide usingadvanced proprietary virus-like particle (VLP) technology. The Company createsVLPs by genetically engineering three-dimensional, nanostructures, whichincorporate immunologically important lipids and recombinant proteins.
Novavax's VLPs resemble a virus but lack the genetic material that wouldcause infection. Using the Company's proprietary VLP technologies, Novavax isdeveloping vaccines to protect against H5N1 pandemic influenza, seasonal fluand other viral diseases. The Company also utilizes a unique portablemanufacturing system that allows for rapid production of vaccinesrequiring less infrastructure and represents a potential simpler and moreefficient approach to vaccine production. Additional information about Novavaxis available at http://www.novavax.com and in the Company's various filingswith the SEC.
Forward Looking StatementsStatements herein relating to future financial or business performance,conditions or strategies and other financial and business matters, includingexpectations regarding revenues, operating expenses, cash burn, and clinicaldevelopments and anticipated milestones are forward-looking statements withinthe meaning of the Private Securities Litigation Reform Act. Novavax cautionsthat these forward-looking statements are subject to numerous assumptions,risks and uncertainties, which change over time. Factors that may cause actualresults to differ materially from the results discussed in the forward-lookingstatements or historical experience include risks and uncertainties, includingthe Company's ability to progress any product candidates in preclinical orclinical trials; the scope, rate and progress of its preclinical studies andclinical trials and other research and development activities; the results ofclinical trials; even if the data from preclinical studies or clinical trialsis positive, the product may not prove to be safe and efficacious; Novavax'spilot plant facility is subject to extensive validation and FDA inspections,which may result in delays and increased costs; the effect or outcome of theCompany's decision to sell Estrasorb(R); the human capital and other costsNovavax will incur to exit the manufacturing facility; our ability to enterinto future c
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