By Sheri Kasprzak
New York, Nov. 2 - Novavax, Inc. said it has secured definitive agreements for its $18 million direct placement of stock.
Cranshire Capital LP, Iroquois Master Fund, Ltd. and Omicron Master Trust have agreed to buy 4,186,047 shares at $4.30 each.
The shares will be sold under Novavax's shelf registration.
Rodman & Renshaw, LLC is the placement agent.
Proceeds from the offering will be used for the clinical development of virus-like particles-based avian and seasonal vaccine, internal research and development programs, the expansion of the company's research and development facilities and other general corporate purposes.
Based in Malvern, Pa., Novavax develops and commercializes drug-delivery and biological technologies.
| Issuer: | Novavax, Inc.
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| Issue: | Stock
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| Amount: | $18 million
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| Shares: | 4,186,047
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| Price: | $4.30
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| Warrants: | No
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| Placement agent: | Rodman & Renshaw, LLC
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| Investors: | Cranshire Capital, LP; Iroquois Master Fund, Ltd.; Omicron Master Trust
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| Announcement date: | Nov. 2
|
| Stock price: | $4.55 at close Nov. 1
|
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