Boston, MA 06/13/2014 (wallstreetpr) – Novavax, Inc. (NASDAQ:NVAX) on June 11, 2014 said that the company sold $115 million in gross proceeds as it offered 28.75 million shares of company’s stock at a rate of $4 per share. This also includes 3.75 million shares being scooped up by the underwriters. The company said that a part of these proceeds will be infused into advancing the Respiratory Syncytial Virus (RSV) nanoparticle vaccine in the Phase-II trial. The RSV vaccine is being studied for maternal as well as paediatric populace. The RSV vaccine is still in the pipeline to be brought to the market.
The shares of the company resulted in offering a whooping amount, calculated after reducing the offering expenses and underwriters’ discount.
Novavax’s programs become a focal point of the company
The net proceeds from the company’s offering of 28750000 shares of its common stock will now go into pushing the influenza programs of Novavax, Inc. (NASDAQ:NVAX) in forward direction. Novavax is renowned for its influenza programs. The company has plans of using the proceeds for the pre-clinical research programs, process development as well as manufacturing activities of the company.
RSV F-protein nano-particle vaccine
A portion of the offering through the sale of shares will be used in expansion of RSV F-protein nano-particle vaccine. This will be done through the initiation of clinical trial in Phase-II, the clinical trials will be performed in elderly subjects by the end of 2014. The trials are a part of Novavax’s commitment to start the clinical trials of RSV in maternal and paediatric immunization indications in Q4 2014. The Phase-II trials will lead to the development of RSV F-protein vaccine candidate in a faster manner, which also supports the goal of Novavax to accelerate first approval timelines. Novavax, Inc. (NASDAQ:NVAX) has remained dedicated towards the discovery, development as well as marketing commercially the recombinant nano-particle vaccines and adjuvant.