Novavax Prices Public Offering of Common Stock
March 26 2015 - 8:01AM
GAITHERSBURG, Md., March 26, 2015 (GLOBE NEWSWIRE)
-- Novavax, Inc. (Nasdaq:NVAX), a clinical-stage vaccine company
focused on the discovery, development and commercialization of
recombinant nanoparticle vaccines and adjuvants, today announced
that it has priced an underwritten public offering of 24,137,931
shares of common stock at a price to the public of $7.25 per share
for gross proceeds of approximately $175 million. Novavax expects
to receive net proceeds, after deducting the underwriting discount,
of approximately $165 million from the offering. In connection with
this offering, Novavax has granted the underwriters a 30-day option
to purchase up to an additional 3,620,689 shares of its common
stock. If the underwriters exercise this option in full, Novavax
will have sold 27,758,620 shares of its common stock.
Novavax intends to use the net proceeds from this
offering for the advancement of its lead vaccine candidates,
including the preparation and potential initiation of Phase 3
clinical trials of its elderly RSV and maternal RSV programs, as
well as its other clinical and preclinical research programs and
general corporate purposes, including working capital, product
development, manufacturing and process development expenditures and
capital expenditures, as well as acquisitions and other strategic
purposes. The offering is expected to close on or about March 31,
2015, subject to the satisfaction of customary closing
conditions.
J.P. Morgan and Citigroup are acting as joint
book-running managers of the offering. Piper Jaffray & Co. and
Wedbush PacGrow are acting as Co-Lead Managers, Janney Montgomery
Scott and Ladenburg Thalmann are acting as Co-Managers.
A preliminary prospectus supplement and the
prospectus relating to the proposed offering have been filed with
the Securities and Exchange Commission (SEC). The offering may be
offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
This press release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy, nor will 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. When available, copies of the final prospectus
supplement and the prospectus relating to the proposed offering can
be obtained at the SEC's website http://www.sec.gov or from J.P.
Morgan and Citigroup, Attention: J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at (866) 803-9204; or Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at (800) 831-9146.
About Novavax
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage
vaccine company committed to delivering novel products to prevent a
broad range of infectious diseases. Its recombinant nanoparticles
and Matrix-M(TM) adjuvant technology are the foundation for
ground-breaking innovation that improves global health through safe
and effective vaccines.
Forward-Looking
Statements
Statements contained in this
release, including those relating to the expected closing of the
offering, and those statements using words such as "expects" and
"intends" are forward-looking statements that involve a number of
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. These
risks and uncertainties include, but are not limited to: our
ability to successfully complete the offering; the possible adverse
impact on the market price of our shares of common stock due to the
dilutive effect of the securities to be sold in the offering; our
planned use of the proceeds from this offering; capital market
risks; our ability to raise additional capital when needed; and
other risk factors identified from time to time in the reports we
file with Securities and Exchange Commission (SEC), including our
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K, which are available at www.sec.gov. We
caution investors not to place considerable reliance on the
forward-looking statements contained in this press release. The
forward-looking statements in this press release speak only as of
the date of this document, and we undertake no obligation to update
or revise any of the statements. Our business is subject to
substantial risks and uncertainties, including those referenced
above. Investors, potential investors, and others should give
careful consideration to these risks and uncertainties.
CONTACT: Novavax, Inc.
Barclay A. Phillips
SVP, Chief Financial Officer and Treasurer
Andrea N. Flynn, Ph.D.
Senior Manager, Investor Relations
ir@novavax.com
240-268-2000
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Novavax, Inc. via Globenewswire
HUG#1906328
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