By Sheri Kasprzak
New York, March 21 - Novavax, Inc. said it is getting ready to settle a $38 million direct placement of shares.
The company intends to sell 5,205,479 shares at $7.30 each to a group of institutional investors. The price per share is a 12% discount to the company's closing stock price of $8.31 on March 20.
The shares will be issued under the company's shelf registration.
Rodman & Renshaw, LLC is the placement agent.
On Feb. 27, Novavax closed a separate direct placement with Kleiner Perkins Caufield & Byers and Prospect Venture Partners. In that offering, the two investors bought 4,597,701 shares at $4.35 each under the company's shelf registration.
The company's stock closed a $5.72 on Feb. 27.
Proceeds will be used for the clinical development of virus-like particles-based avian and seasonal influenza vaccines, internal research and development programs and the expansion of research and development facilities to comply with current general manufacturing practices and good laboratory practices. The rest will be used for general corporate purposes.
Based in Malvern, Pa., Novavax develops and commercializes drug-delivery and biological technologies, including virus-like particles-based vaccines.
| Issuer: | Novavax, Inc.
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| Issue: | Stock
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| Amount: | $38 million
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| Shares: | 5,205,479
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| Price: | $7.30
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| Warrants: | No
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| Placement agent: | Rodman & Renshaw, LLC
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| Announcement date: | March 21
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| Stock symbol: | Nasdaq: NVAX
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| Stock price: | $8.31 at close March 20
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