VBI Vaccines Announces Closing of $2 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
April 11 2024 - 4:05PM
Business Wire
VBI Vaccines Inc. (Nasdaq: VBIV) (VBI), a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease, today announced the closing of its
previously announced registered direct offering priced
at-the-market under Nasdaq rules of 2,272,728 of its common shares
and warrants to purchase up to 2,272,728 common shares, at an
offering price of $0.88 per common share and associated warrant.
The warrants have an exercise price of $0.76 per share, are
exercisable on the date of issuance, and will expire five years
following the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to VBI from this offering were approximately
$2 million, before deducting the placement agent’s fees and other
offering expenses. VBI intends to use the net proceeds from this
offering for working capital and general corporate purposes.
A “shelf” registration statement (File Number 333-267109)
relating to the securities described above was filed with the
Securities and Exchange Commission (“SEC”) on August 26, 2022 and
was declared effective on September 6, 2022. The offering of the
securities in the registered direct offering was made only by means
of a prospectus, including a prospectus supplement, forming a part
of an effective registration statement. A prospectus supplement and
accompanying prospectus relating to the registered direct offering
have been filed with the SEC. Electronic copies of the prospectus
supplement and accompanying prospectus may be obtained on the SEC’s
website at www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
(212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a biopharmaceutical company driven
by immunology in the pursuit of powerful prevention and treatment
of disease. Through its innovative approach to virus-like particles
(“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform
technology and a proprietary mRNA-launched eVLP (“MLE”) platform
technology, VBI develops vaccine candidates that mimic the natural
presentation of viruses, designed to elicit the innate power of the
human immune system. VBI is committed to targeting and overcoming
significant infectious diseases, including hepatitis B,
coronaviruses, and cytomegalovirus (CMV), as well as aggressive
cancers including glioblastoma (GBM). VBI is headquartered in
Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot,
Israel.
Cautionary Statement on Forward-looking Information
Certain statements in this press release that are
forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are forward-looking information within the meaning of Canadian
securities laws (collectively, “forward-looking statements”). The
Company cautions that such forward-looking statements involve risks
and uncertainties that may materially affect the Company’s results
of operations. Such forward-looking statements are based on the
beliefs of management as well as assumptions made by and
information currently available to management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not
limited to, the Company’s ability to use of the gross proceeds from
the registered direct offering for the intended use, the Company’s
ability to regain and maintain compliance with the listing
standards of the Nasdaq Capital Market, the Company’s ability to
satisfy all of the conditions to the consummation of the
transactions with Brii Biosciences, the Company’s ability to comply
with its obligations under its loan agreement with K2
HealthVentures, the impact of general economic, industry or
political conditions in the United States or internationally;
market and other conditions, the impact and continuing effects of
the COVID-19 epidemic on our clinical studies, manufacturing,
business plan, and the global economy; the ability to successfully
manufacture and commercialize PreHevbrio/PreHevbri; the ability to
establish that potential products are efficacious or safe in
preclinical or clinical trials; the ability to establish or
maintain collaborations on the development of pipeline candidates
and the commercialization of PreHevbrio/PreHevbri; the ability to
obtain appropriate or necessary regulatory approvals to market
potential products; the ability to obtain future funding for
developmental products and working capital and to obtain such
funding on commercially reasonable terms; the Company’s ability to
manufacture product candidates on a commercial scale or in
collaborations with third parties; changes in the size and nature
of competitors; the ability to retain key executives and
scientists; and the ability to secure and enforce legal rights
related to the Company’s products. A discussion of these and other
factors, including risks and uncertainties with respect to the
Company, is set forth in the Company’s filings with the SEC and the
Canadian securities authorities, including its Annual Report on
Form 10-K filed with the SEC on March 13, 2023, and filed with the
Canadian security authorities at sedar.com on March 13, 2023, as
may be supplemented or amended by the Company’s Quarterly Reports
on Form 10-Q. Given these risks, uncertainties and factors, you are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. All such forward-looking statements made
herein are based on our current expectations and we undertake no
duty or obligation to update or revise any forward-looking
statements for any reason, except as required by law.
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VBI Nicole Anderson Director, Corporate Communications
& IR Phone: (617) 830-3031 x124 Email: IR@vbivaccines.com
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