Novavax launches 4 million share offering at $1 each, on a best efforts, all-or-none basis

Nashville, June 30 - Novavax Inc. launched a follow-on offering of 4 million common shares via placement agent Lane Capital Markets LLC on Thursday with closing set for the end of the day Friday, July 1. The stock is being offered at $1 each, a discount to its closing price of $1.32 on Thursday, June 30.

The offering is on a best efforts, all-or-none basis, so if all 4 million shares are not placed, the entire offering will be withdrawn, the company said in a filing at the Securities and Exchange Commission. It is being drawn from a $50 million shelf registration.

Malvern, Pa.-based Novavax is a biopharmaceutical company that specializes in women's health products, such as prenatal vitamins and its lead product candidate Estrasorb, a hormone therapy, and infections diseases, as well as oxybutynin, for urinary and bladder complications, and an undisclosed antihistamine.

The company plans to use proceeds for research and development, including clinical and preclinical studies, and general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.