Vaxart Raises Approximately $90M in Gross Proceeds Through its At-The-Market-Facility
July 13 2020 - 01:34PM
Vaxart, Inc. (NASDAQ: VXRT), a clinical-stage biotechnology company
developing oral vaccines that are administered by tablet rather
than by injection, today announced that it has raised gross
proceeds of approximately $90 million through its At-the-Market
(ATM) facility with participation based on interest received from
RA Capital Management and Invus. The company sold approximately
11.2 million shares at $7.98 per share, the market price at the
time of sale. SVB Leerink is acting as lead sales agent and B.
Riley FBR is acting as co-sales agent for the ATM facility.
The additional funds raised through the ATM facility will
support the clinical and preclinical development of Vaxart’s
product candidates, to conduct clinical trials, to manufacture its
products, and for general corporate and working capital
purposes.
The shares of common stock described above were sold by the
Company pursuant to an automatically effective shelf registration
statement on Form S-3 (File No. 333-239751), filed with the
Securities and Exchange Commission on July 8, 2020, which included
a prospectus relating to the ATM facility. Copies of the prospectus
may be obtained from SVB Leerink LLC, Attention: Syndicate
Department, One Federal Street, 37th Floor, Boston, Massachusetts
02110, or by telephone at (800) 808-7525, ext. 6218, or by email at
syndicate@svbleerink.com. Electronic copies of the prospectus
are also available on the SEC's website at http://www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in the offering, nor
shall there be any sale of these securities in any jurisdiction in
which an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
About Vaxart
Vaxart is a clinical-stage biotechnology company focused on
developing oral tablet vaccines designed to generate mucosal and
systemic immune responses that protect against a wide range of
infectious diseases and has the potential to provide sterilizing
immunity for diseases such as COVID-19. Vaxart believes that a room
temperature stable tablet vaccine is easier to distribute, store
and administer than injectable vaccines and may provide
significantly faster response to a pandemic than injectable
vaccines, enabling a greater portion of the population to be
protected. Vaxart’s development programs include oral tablet
vaccines that are designed to protect against coronavirus,
norovirus, seasonal influenza and respiratory syncytial virus
(RSV), as well as a therapeutic vaccine for human papillomavirus
(HPV).
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding Vaxart’s strategy, prospects, plans and objectives,
results from pre-clinical and clinical trials, commercialization
agreements and licenses, beliefs and expectations of management are
forward-looking statements. These forward-looking statements may be
accompanied by such words as “should,” “believe,” “could,”
“potential,” “will,” “expected,” “plan” and other words and terms
of similar meaning. Examples of such statements include, but are
not limited to, statements relating to Vaxart’s ability to develop
and commercialize its product candidates and clinical results and
trial data (including plans with respect to the COVID-19 vaccine
product candidates); the use of proceeds raised under the ATM
facility; and Vaxart’s expectations with respect to the important
advantages it believes its oral vaccine platform can offer over
injectable alternatives, particularly for mucosal pathogens such as
norovirus, flu and RSV, as well as coronaviruses such as SARS, MERS
and SARS-CoV-2. Vaxart may not actually achieve the plans, carry
out the intentions or meet the expectations or projections
disclosed in the forward-looking statements and you should not
place undue reliance on these forward-looking statements. Actual
results or events could differ materially from the plans,
intentions, expectations and projections disclosed in the
forward-looking statements. Various important factors could cause
actual results or events to differ materially from the
forward-looking statements that Vaxart makes, including
uncertainties inherent in research and development, including the
ability to meet anticipated clinical endpoints, commencement and/or
completion dates for clinical trials, regulatory submission dates,
regulatory approval dates and/or launch dates, as well as the
possibility of unfavorable new clinical data and further analyses
of existing clinical data; the risk that clinical trial data
are subject to differing interpretations and assessments by
regulatory authorities; whether regulatory authorities will be
satisfied with the design of and results from the clinical studies;
decisions by regulatory authorities impacting labeling,
manufacturing processes, and safety that could affect the
availability or commercial potential of any product candidate,
including the possibility that Vaxart’s product candidates may not
be approved by the FDA or non-U.S. regulatory authorities; that,
even if approved by the FDA or non-U.S. regulatory authorities,
Vaxart’s product candidates may not achieve broad market
acceptance; that a Vaxart collaborator may not attain development
and commercial milestones; that Vaxart may experience manufacturing
issues and delays due to events within, or outside of, Vaxart’s
control, including the recent outbreak of COVID-19; that Vaxart may
not be able to obtain, maintain and enforce necessary patent and
other intellectual property protection; that Vaxart’s capital
resources may be inadequate; Vaxart’s ability to obtain sufficient
capital to fund its operations on terms acceptable to Vaxart, if at
all; the impact of the novel coronavirus on our preclinical studies
and clinical trials; uncertainties in the regulatory regime
governing Operation Warp Speed;any inability of Vaxart to produce
an effective vaccine that successfully immunizes humans against
SARS-CoV-2 in a timely manner; the impact of government healthcare
proposals and policies; competitive factors; and other risks
described in the “Risk Factors” sections of Vaxart’s Quarterly and
Annual Reports filed with the SEC. Vaxart does not assume any
obligation to update any forward-looking statements, except as
required by law.
Contacts:
Brant Biehn
Vaxart, Inc.
650 550 3500
IR@vaxart.com
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