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Novavax plans stock offering to fund avian flu vaccine
Wednesday November 2, 12:37 pm ET
Novavax plans a secondary stock offering, and says it will use the proceeds, in part, to fund development of its vaccine for avian flu.
The company will sell 4.2 million shares at $4.30 per share, raising $18 million. The per-share price is a 5 percent discount over the Tuesday closing price of the company's common stock.
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Novavax shares (NASDAQ: NVAX - News) fell 23 cents to $4.32 in Wednesday trading.
Novavax, which moved its corporate headquarters from Columbia to Philadelphia last year, says it will use part of the proceeds to continue clinical development of its experimental avian flu vaccine. In August, Novavax reported the vaccine, developed with its technology, was successful in preventing avian flu infection in tests with animals.
Its Virus-Like Particle technology, or VLP, is an alternative to traditional methods of producing vaccines. It is capable of producing large quantities of vaccine in a short period of time, according to the company.
Novavax maintains a research laboratory in Rockville.
Novavax also develops hormone replacement therapies and prescription prenatal vitamins.
Published November 2, 2005 by the Washington Business Journal
هذه ثالث مره اليوم يختبر ال 3.95 الله يستر ما يكسرها