Novavax Announces Exercise of Option to Purchase Additional Shares and Closing of Public Offering
12 June 2014 - 6:05AM
GAITHERSBURG, Md., June 11, 2014 (GLOBE NEWSWIRE)
-- Novavax, Inc. (Nasdaq:NVAX), a clinical-stage biopharmaceutical
company focused on the discovery, development and commercialization
of recombinant nanoparticle vaccines and adjuvants, today announced
the closing of the underwritten public offering priced on Thursday,
June 5, 2014.
The company issued 28,750,000 shares of its common
stock, including 3,750,000 shares pursuant to the underwriters'
option to purchase additional shares. The shares were issued at
$4.00 per share resulting in total gross proceeds from this
offering of $115,000,000, before deducting the underwriters
discount and offering expenses.
Novavax intends to use a portion of the net
proceeds from this offering to expand the clinical development of
its RSV F-protein nanoparticle vaccine candidate through the
initiation of a Phase 2 clinical trial in elderly subjects later
this year. This trial has been added to the company's commitment to
initiate RSV clinical trials in the pediatric and maternal
immunization indications in the fourth quarter of 2014. Together,
these three separate Phase 2 trials will advance the development of
the RSV F-protein vaccine candidate in all three of its primary
indications, supporting the company's goal of accelerating the
timelines to first approval. Additionally, the company intends to
use certain of the net proceeds for general corporate purposes, the
advancement of its influenza vaccine candidates and its
pre-clinical research programs, manufacturing and process
development activities, capital expenditures and other strategic
purposes.
Citigroup and JP Morgan acted as joint
book-running managers of the offering. Piper Jaffray acted as lead
manager, and FBR and Ladenburg Thalmann & Co. acted as
co-managers.
The shares described above were issued pursuant to
a final prospectus supplement and accompanying prospectus. The
company filed the final prospectus supplement relating to the
offering with the Securities and Exchange Commission ("SEC") on
June 9, 2014, which is available along with the accompanying
prospectus filed with the SEC in connection with the company's
shelf registration statement on Form S-3, previously declared
effective by the SEC, on the SEC's website at www.sec.gov. Copies
of the final prospectus supplement and the accompanying prospectus
may be obtained from Citigroup and JP Morgan, Attention: Citigroup,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone at (800) 831-9146; or J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717 or by telephone: (866)
803-9204.
This press release does not and shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor will there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Novavax
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage
biopharmaceutical company creating vaccines and vaccine adjuvants
to address a broad range of infectious diseases worldwide. Using
innovative proprietary recombinant nanoparticle vaccine technology,
the company produces vaccine candidates to efficiently and
effectively respond to both known and newly emergent diseases.
Forward-Looking
Statements
Statements contained in this
release, including those relating to the sale of common stock, and
those statements using words such as "expects" and "intends" are
forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. These risks and
uncertainties include, but are not limited to: our ability to
successfully complete the offering on terms and conditions
satisfactory to us; the possible adverse impact on the market price
of our shares of common stock due to the dilutive effect of the
securities to be sold in the offering; capital market risks; our
ability to raise additional capital when needed; and other risk
factors identified from time to time in the reports we file with
Securities and Exchange Commission (SEC), including our Annual
Report on Form 10-K,Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K, which are available at www.sec.gov. We caution
investors not to place considerable reliance on the forward-looking
statements contained in this press release. The forward-looking
statements in this press release speak only as of the date of this
document, and we undertake no obligation to update or revise any of
the statements. Our business is subject to substantial risks and
uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
CONTACT: Barclay A. Phillips
SVP, Chief Financial Officer and Treasurer
Novavax, Inc.
240-268-2000
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Novavax, Inc. via Globenewswire
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