Approximately $21 million in gross proceeds
from underwritten public offering and concurrent registered direct
offering add to upfront payment from Brii Biosciences for a
combined $33 million to be received by VBI
VBI Vaccines Inc. (NASDAQ: VBIV) (VBI or the Company), a
biopharmaceutical company driven by immunology in the pursuit of
powerful prevention and treatment of disease, today announced the
pricing of its previously announced underwritten public offering of
10,909,091 common shares and accompanying common warrants to
purchase up to 10,909,091 common shares, and its concurrent
registered direct offering of 1,818,182 common shares and
accompanying common warrants to purchase up to 1,818,182 common
shares, at a combined public offering price of $1.65 per share and
accompanying common warrant. The accompanying common warrants have
an exercise price of $1.65 per share and expire five years from the
date of issuance. VBI also granted the underwriters a 30-day option
to purchase up to an additional 1,636,363 common shares and/or
common warrants to purchase up to 1,636,363 common shares offered
in the underwritten public offering. The gross proceeds from the
underwritten public offering, before deducting underwriting
discounts and commissions and other estimated offering expenses,
are expected to be approximately $18 million, excluding any
exercise of the underwriters’ option to purchase additional common
shares and/or common warrants to purchase common shares, and the
gross proceeds from the concurrent registered direct offering are
expected to be approximately $3 million. All of the securities to
be sold in the offerings are being offered by VBI. The offerings
are expected to close on or about July 10, 2023, subject to
satisfaction of customary closing conditions.
Raymond James & Associates, Inc. is acting as the sole
book-running manager for the underwritten public offering.
Newbridge Securities Corporation is acting as the lead manager for
the underwritten public offering. The registered direct offering is
being made without an underwriter or a placement agent.
VBI intends to use the net proceeds from both offerings for the
commercialization activities for PreHevbrio® [Hepatitis B Vaccine
(Recombinant)] in the United States, Europe, and Canada;
manufacturing of PreHevbrio and clinical materials for its pipeline
programs; and ongoing activities related to its development stage
candidates, including VBI-1901 (glioblastoma) and VBI-2901
(coronaviruses). The net proceeds will also be used for general
corporate purposes, including working capital and capital
expenditures.
A shelf registration statement on Form S-3 (File No. 333-267109)
relating to these securities was previously filed with the
Securities and Exchange Commission (“SEC”) on August 26, 2022 and
declared effective on September 6, 2022. A preliminary prospectus
supplement and accompanying prospectus relating to the underwritten
public offering was filed with the SEC and is available on the
SEC’s website at www.sec.gov. A final prospectus supplement and
accompanying prospectus relating to the underwritten offering, as
well as a final prospectus supplement and accompanying prospectus
relating to the registered direct offering, will each be filed with
the SEC and available on the SEC’s website at www.sec.gov. Copies
of the final prospectus supplement (when available) and
accompanying prospectus may be obtained from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, by telephone at (800)
248-8863, or by e-mail at prospectus@raymondjames.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 other 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 other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About PreHevbrio®
PreHevbrio is the only 3-antigen hepatitis B vaccine, comprised
of the three hepatitis B surface antigens of the hepatitis B virus
– S, pre-S1, and pre-S2. It is approved for use in the United
States, European Union/European Economic Area, United Kingdom,
Canada, and Israel. The brand names for this vaccine are:
PreHevbrio® (US/Canada), PreHevbri® (EU/EEA/UK), and Sci-B-Vac®
(Israel).
Please visit www.PreHevbrio.com for U.S. Important Safety
Information for PreHevbrio® [Hepatitis B Vaccine (Recombinant)], or
please see U.S. Full Prescribing Information.
U.S. Indication
PreHevbrio is indicated for prevention of infection caused by
all known subtypes of hepatitis B virus. PreHevbrio is approved for
use in adults 18 years of age and older.
U.S. Important Safety Information (ISI)
Do not administer PreHevbrio to individuals with a history of
severe allergic reaction (e.g. anaphylaxis) after a previous dose
of any hepatitis B vaccine or to any component of PreHevbrio.
Appropriate medical treatment and supervision must be available
to manage possible anaphylactic reactions following administration
of PreHevbrio.
Immunocompromised persons, including those on immunosuppressant
therapy, may have a diminished immune response to PreHevbrio.
PreHevbrio may not prevent hepatitis B infection, which has a
long incubation period, in individuals who have an unrecognized
hepatitis B infection at the time of vaccine administration.
The most common side effects (> 10%) in adults age 18-44,
adults age 45-64, and adults age 65+ were pain and tenderness at
the injection site, myalgia, fatigue, and headache.
There is a pregnancy exposure registry that monitors pregnancy
outcomes in women who received PreHevbrio during pregnancy. Women
who receive PreHevbrio during pregnancy are encouraged to contact
1-888-421-8808 (toll-free).
To report SUSPECTED ADVERSE REACTIONS, contact VBI Vaccines at
1-888-421-8808 (toll-free) or VAERS at 1-800-822-7967 or
www.vaers.hhs.gov.
Please see Full Prescribing Information.
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, 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.
Website Home: http://www.vbivaccines.com/ News and Resources:
http://www.vbivaccines.com/news-and-resources/ Investors:
http://www.vbivaccines.com/investors/
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 satisfaction of the closing conditions; prevailing
market conditions; the anticipated use of the proceeds of the
offering which could change as a result of market conditions or for
other reasons; the impact of general economic, industry or
political conditions in the United States or internationally; the
impact of the COVID-19 pandemic and the continuing effects of the
COVID-19 pandemic 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, and in the final prospectus supplement and
accompanying prospectus relating to the underwritten public
offering to be filed with the SEC. 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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version on businesswire.com: https://www.businesswire.com/news/home/20230706131987/en/
VBI Nicole Anderson Director, Corporate Communications
& IR Phone: (617) 830-3031 x124 Email: IR@vbivaccines.com
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