Dallas, Texas 10/08/2013 (Financialstrend) – On September 23, Novavax, Inc. (NASDAQ:NVAX) announced the pricing for its public offering for its 27.7 million shares. Each share was offered at $3.14 per share as compared to October 7 closing price of $3.28 per share. The company was hoping to net close to $87 million as proceeds from this public offerings. The offer agreement allows the underwriters a 30 day window to exercise a option to buy additional 4.1 million shares in the event of over allotment. The firm hopes to use the proceeds to progress its clinical trials tests.
By using the funds generated from the public offer, the firm has speeded up its phase 2 clinical trials to confirm dosage for its RSV target vaccine. The company announced on October 7, commencing enrolment for its 2 dose confirmatory clinical trial for its “respiratory virus” vaccine which shows up in women in the age group of 20 Years to 35 years.
The Phase 2 study is designed to evaluate the safety aspects of its lead drug candidate “Novavax RSV-F” protein. In total this trail will involve testing the vaccine on 720 women in the age group of 20 to 35 years of age. The drug will be administered via one or two intramuscular injections to the candidates. The treatment phase will last between 0 and 28 days with the resultant immunogenicity tested in three months and six months periods.
Novavax is banking on a quick and successful conclusion to the trail. Gregory Glenn the Senior Vice President and Chief Medical Officer of Novavax is quoted to have said that “This trial represents important progress for our RSV vaccine”. The company hopes that the study will help it determine the dose for accomplishing its maternal immunization strategy. The company stock is trading at 3.28 per share as of close of business on October 7.