Vaxart Announces $10.0 Million Registered Direct Offering Priced At-the-Market
28 February 2020 - 7:36AM
Vaxart, Inc., a clinical-stage biotechnology company developing
oral recombinant vaccines that are administered by tablet rather
than by injection, today announced that it has entered into
definitive agreements with several institutional investors for the
issuance and sale of 4,000,000 shares of its common stock and
warrants to purchase up to 2,000,000 shares of its common stock, at
a combined purchase price of $2.50 per share and associated
warrant, for aggregate gross proceeds of $10.0 million, in a
registered direct offering priced at-the-market under Nasdaq rules.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The warrants will have an exercise price of
$2.50 per share and exercise period commencing immediately upon
issuance and a term of five years.
The offering is expected to close on or about
March 2, 2020, subject to the satisfaction of customary closing
conditions.
The Company intends to use the net proceeds from
this offering to support the clinical and preclinical development
of its product candidates, to conduct clinical trials, and for
general corporate and working capital purposes.
The securities described above are being offered
and sold by the Company pursuant to a “shelf” registration
statement on Form S-3 (Registration No. 333-228910), including
a base prospectus, previously filed with and declared effective by
the Securities and Exchange Commission (the “SEC”) on March 15,
2019. The offering of the securities is being made only by means of
a prospectus supplement that forms a part of the registration
statement. A final prospectus supplement and an accompanying base
prospectus relating to the registered direct offering will be filed
with the SEC and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and the accompanying base prospectus may also be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall 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 Vaxart
Vaxart is a clinical-stage biotechnology company
focused on developing oral recombinant protein vaccines based on
its proprietary oral vaccine platform. Vaxart’s vaccines are
designed to generate broad and durable immune responses that
protect against a wide range of infectious diseases and may also be
useful for the treatment of chronic viral infections and cancer.
Vaxart’s vaccines are administered using a convenient room
temperature-stable tablet, rather than by injection. Vaxart
believes that tablet vaccines are easier to distribute and
administer than injectable vaccines and have the potential to
significantly increase vaccination rates. Vaxart’s development
programs include oral tablet vaccines that are designed to protect
against norovirus, seasonal influenza and respiratory syncytial
virus (RSV), as well as a therapeutic vaccine for human
papillomavirus (HPV). For more information, please visit
www.vaxart.com.
Forward-Looking Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding our strategy, prospects, plans and
objectives, results from preclinical and clinical trials,
commercialization agreements and licenses, beliefs and expectations
of management are forward-looking statements. These forward-looking
statements may be accompanied by such words as “believe,” “could,”
“potential,” “will” and other words and terms of similar
meaning.
Examples of such statements include, but are not
limited to, statements relating to the use of proceeds from this
offering, Vaxart’s ability to develop and commercialize its product
candidates and clinical results and trial data (including plans
with respect to the proposed Coronavirus vaccine program); Vaxart’s
intention to continue its efforts to advance its oral tablet
seasonal flu vaccine; and Vaxart’s expectations with respect to the
important advantages it believes its oral vaccine platform can
offer over injectable alternatives, particularly for mucosal
pathogens such as norovirus, flu and RSV, as well as coronaviruses
such as SARS, MERS and the virus that recently emerged in China.
Vaxart may not actually achieve the plans, carry out the intentions
or meet the expectations or projections disclosed in our
forward-looking statements and you should not place undue reliance
on these forward-looking statements. Actual results or events could
differ materially from the plans, intentions, expectations and
projections disclosed in the forward-looking statements. Various
important factors could cause actual results or events to differ
materially from the forward-looking statements that Vaxart makes,
that Vaxart’s product candidates may not be approved by the FDA or
non-U.S. regulatory authorities; that, even if approved by the FDA
or non-U.S. regulatory authorities, Vaxart’s product candidates may
not achieve broad market acceptance; that Vaxart may experience
manufacturing issues and delays; and other risks described in the
“Risk Factors” sections of Vaxart’s Quarterly and Annual Reports
filed with the SEC. Vaxart does not assume any obligation to update
any forward-looking statements, except as required by law.
Contacts
Brant Biehn Vaxart Inc 650 550
3500IR@vaxart.com
Vaxart (NASDAQ:VXRT)
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