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Novavax, Inc. (NVAX) Prices Offering Of Common Stock

Novavax, Inc. priced an offering of common stock at $3.30 per share. The company is offering 6.8 million shares and estimates that net proceeds to the company will be $21 million after underwriting expenses and other costs.

Piper Jaffray & Co. and Lazard Capital Markets LLC are underwriting the offering, and can offer an additional 1.02 million shares to cover over allotments if needed.

Novavax, Inc. is an early stage biotechnology company that is focused on vaccines that use virus like particle technology. The virus like particle technology is proprietary to Novavax, Inc., and involves the creation of vaccines that don’t contain viral nucleic acids like DNA or RNA.

Novavax, Inc. believes that its virus like particle technology makes the vaccines safer for use as there is not a threat of infection for patients getting vaccinated. The company is in the middle of a two-stage study of the use of its technology in an H1N1 vaccine. The study is being conducted in Mexico in collaboration with Avimex Laboratories.

The technology can also be used in developing other vaccines, including those protecting against infection with varicella zoster virus, respiratory syncytial virus and human immunodeficiency virus.

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