VBI Vaccines prices $50m Nasdaq offering

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Among other things the funds will be used for the development of VBI-1901, a cancer vaccine immunotherapeutic candidate for recurrent glioblastoma (GBM).

Commercial-stage biopharmaceutical company VBI Vaccines (Nasdaq: VBIV) today announced the pricing of 45,454,545 common shares, at a public offering price of $1.10 per share. VBI also granted the underwriters a 30-day option to purchase up to an additional 6,818,181 common shares at the public offering price less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be $50 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on or about April 24, 2020, subject to satisfaction of customary closing conditions.

Headquartered in Cambridge, Massachusetts and with its development center in Rehovot, Israel, VBI is developing next-generation infectious disease and immuno-oncology vaccines.

VBI plans to use the funds to support the regulatory filings, pre-commercialization, and launch planning activities for Sci-B-Vac in the US, Europe, and Canada, for the continued advancement of its pipeline programs, including the development of VBI-1901, a cancer vaccine immunotherapeutic candidate for recurrent glioblastoma (GBM); VBI-2601, an immunotherapeutic candidate for chronic hepatitis B infection; VBI-1501, a prophylactic cytomegalovirus (CMV) vaccine candidate; and VBI-2901, a prophylactic pan-coronavirus vaccine candidate.

Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. are acting as joint book-running managers, and National Securities Corporation is acting as lead manager for the underwritten public offering.

Published by Globes, Israel business news - www.globes-online.com - on April 22, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Health Photo: Shutterstock ASAP Creative
Health Photo: Shutterstock ASAP Creative
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