By Devika Patel
Knoxville, Tenn., March 31 - Novavax, Inc. plans to conduct an $11 million direct offering of common stock, according to a 424B5 filed with the Securities and Exchange Commission Tuesday.
The company will sell 12.5 million shares at $0.88 apiece to a subsidiary of Cadila Pharmaceuticals Ltd.
Proceeds will be used primarily to pay back a portion of the company's $22 million in 4.75% senior convertible notes due July 15, 2009. The remainder will be used for other general corporate purposes.
The company also said it has formed a joint venture with Cadila o develop, manufacture and market vaccines, pharmaceuticals and diagnostic products in India.
Based in Rockville, Md., Novavax develops vaccines against infectious diseases.
| Issuer: | Novavax, Inc.
|
| Issue: | Common shares
|
| Amount: | $11 million
|
| Shares: | 12.5 million
|
| Price: | $0.88
|
| Warrants: | No
|
| Pricing date: | March 31
|
| Stock symbol: | Nasdaq: NVAX
|
| Stock price: | $0.87 at close March 30
|
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