By Sheri Kasprzak
New York, Feb. 27 - Novavax, Inc. said it is preparing to close a $20 million direct placement.
The company will issue 4,597,701 shares at $4.35 each to Kleiner Perkins Caufield & Byers and Prospect Venture Partners.
The shares will be sold under Novavax's shelf registration.
Kleiner Perkins will buy $12.5 million, or 62.5%, of the offering and the rest will be purchased by Prospect Venture Partners.
Proceeds will be used for the clinical development of virus-like, particles-based avian and seasonal influenza vaccines, as well as internal research and development programs. The remainder will be used for 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: | $20 million
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| Shares: | 4,597,701
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| Price: | $4.35
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| Warrants: | No
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| Investors: | Kleiner Perkins Caufield & Byers (lead), Prospect Venture Partners
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| Announcement date: | Feb. 27
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| Stock symbol: | Nasdaq: NVAX
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| Stock price: | $5.72 at close Feb. 24
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