Medindia

X

Novavax Announces Closing of $18 Million Registered Direct Offering

Saturday, August 2, 2008 General News J E 4
Advertisement
ROCKVILLE, Md., Aug. 1 Novavax, Inc.(Nasdaq: NVAX) announced today that it has completed the previously announcedregistered direct equity financing of $18 million by issuing common stock andwarrants (the "units") from its existing shelf registration statement. TheCompany sold 6,686,650 units to certain current and new institutionalshareholders and certain affiliates of the Company. Each unit was comprised ofone share of common stock and a warrant to purchase 0.5 shares of common stockand was sold at a purchase price of $2.68 per unit (or $2.8425 per unit forunits sold to affiliates of the Company). The warrants, which represent theright to acquire 3,343,325 shares of common stock, will be exercisable at aprice of $3.62 per share and have a five year term. The Company completed thefinancing without using the services of a placement agent or underwriter. Netproceeds of the offering after expenses are expected to be $17.6 million.

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.

About Novavax

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
Advertisement


Advertisement

You May Also Like

Advertisement
View All

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions
s
The First Ever Transplantation World-Wide of Entir...
S
Delta Dental Foundation Calls for Applicants for A...