Vaxart Announces $3 Million Registered Direct Offering Priced At-the-Market
March 19 2019 - 1:00PM
Business Wire
Vaxart, Inc. (Nasdaq: VXRT), a clinical-stage biopharmaceutical
company focused on the development of oral recombinant vaccines
based on its proprietary oral vaccine platform, today announced
that it has entered into definitive agreements with certain
institutional investors for the purchase and sale in a registered
direct offering priced at-the-market of 1,200,000 shares of the
Vaxart’s common stock, at a purchase price of $2.50 per share, for
aggregate gross proceeds of $3 million. The offering is expected to
close on or about March 20, 2019, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as exclusive placement agent
for the offering.
The shares of common stock are being offered by Vaxart pursuant
to a “shelf” registration statement previously filed with and
declared effective by the Securities and Exchange Commission (the
"SEC"). The offering of the shares of common stock will be made
only by means of a prospectus supplement that forms a part of the
registration statement. A prospectus supplement and the
accompanying prospectus relating to the offering will be filed with
the SEC. Copies of the prospectus supplement and the accompanying
prospectus may be obtained, when available, from H.C. Wainwright
& Co., LLC, 430 Park Avenue 3rd Floor, New York, NY 10022, or
by calling (646) 975-6996 or by emailing placements@hcwco.com or at
the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall 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.
About Vaxart
Vaxart is a clinical-stage biotechnology company focused on
developing oral recombinant protein vaccines based on its
proprietary oral vaccine platform. Vaxart’s vaccines are designed
to generate broad and durable immune responses that protect against
a wide range of infectious diseases and may also be useful for the
treatment of chronic viral infections and cancer. Vaxart’s vaccines
are administered using a convenient room temperature-stable tablet,
rather than by injection. Vaxart believes that tableted vaccines
are easier to distribute and administer than injectable vaccines
and have the potential to significantly increase vaccination rates.
Vaxart’s development programs include oral tablet vaccines that are
designed to protect against 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 our strategy, prospects, plans and objectives, results
from preclinical 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 “believe,” “could,” “potential,”
“will” and other words and terms of similar meaning. Examples of
such statements include, but are not limited to, expected gross
proceeds, the expected closing of the offering, statements relating
to the Vaxart’s ability to develop and commercialize its product
candidates and clinical results and trial data; the expected timing
of the initiation of the Phase 1 bivalent study and Phase 2
monovalent challenge study; and Vaxart’s expectations with respect
to the advantages it believes its oral vaccine platform can offer
over injectable alternatives, particularly for mucosal pathogens
such as norovirus, flu and RSV. Vaxart may not actually achieve the
plans, carry out the intentions or meet the expectations or
projections disclosed in our 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 factors could cause actual
results or events to differ materially from these forward-looking
statements, including Vaxart’s ability to raise sufficient capital
to fund the continued development of its product candidates and
complete its planned studies and trials, 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 Vaxart may experience manufacturing
issues and delays; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190319005746/en/
Carl MauchStern Investor
Relations212-362-1200vaxart@sternir.com
Vaxart (NASDAQ:VXRT)
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