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Novavax, Inc. (NASDAQ:NVAX) Prices Its Public Issue

Boston, MA 06/09/2014 (wallstreetpr) – A clinical-stage bio-pharmaceutical company, Novavax, Inc. (NASDAQ:NVAX) announced the pricing of its public issue of 25 million shares, which was underwritten fully. Including the option to underwriters, a total of 28.75 million shares will be allotted to the public.

Pricing of Shares

The company priced its 25 million shares at $4.00 for gross proceeds of about $100 million. Excluding the underwriting discount, Novavax, Inc. (NASDAQ:NVAX) will get net proceeds of about $94 million from the public issue. The public issue is predicted to close on June 11 after customary closing conditions are met.

The bio-pharmaceutical company also expects to allow underwriters the option to acquire 3.75 million additional shares. In case the underwriters exercise their option fully, the company expects to have offered 28.75 million shares to the public.

Novavax, Inc. (NASDAQ:NVAX) plans to make use of the net proceeds for advancement of its trial-stage vaccine candidates, research programs of pre-clinical nature, capital expenditures, strategic initiatives, development activities, and for general corporate purposes.

Book Runners to Issue

While Citigroup Inc (NYSE:C) and JP Morgan have been designated managers of the issue for joint book-running, Piper Jaffray & Co. was named as Lead Manager to the issue. The co-managers to the public issue were Ladenburg Thalmann & Co. Inc. and FBR.

Recent Highlights

Novavax had initiated a phase 1/2 clinical study of H7N9 avian virus VLP vaccine candidate targeting to enroll 610 healthy adults between 18 and 64 years as per its HHS BARDA contract. The company published data in vaccine illustrating the process of developing investigational vaccine candidate in the wake of Middle East Respiratory Syndrome Coronavirus or MERS-Cov.

The bio-pharmaceutical company also exhibited its commitment to alliance management by extending HHS BARDA contract for a seasonal development and pandemic influenza vaccines besides continuation of RSV vaccine alliance on maternal immunization.

Novavax, Inc. (NASDAQ:NVAX) also expanded its management team with the hiring of John Trizzino as its senior vice president for commercial operations, while Cindy Oliver was named as senior vice president for process development.

Published by Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. You may contact Brendan via his email ([email protected]) or his Google+ page (https://plus.google.com/u/0/116608759701551457422).

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