Novavax to make $38M offering

US firm Novavax says that it has entered into a definitive agreement for a $38.0 million registered direct offering of 5,205,479 shares of its common stock at a price of $7.30 each. The shares will be issued pursuant to an effective shelf registration statement. Rodman & Renshaw acted as the exclusive placement agent.

Novavax plans to use the net proceeds from the offering for general corporate purposes, including but not limited to: clinical development of virus-like particle-based avian and seasonal influenza vaccines, comprising the development of appropriate adjuvants and demonstration of large-scale production capabilities, for such vaccines; internal R&D programs, such as preclinical and clinical testing and studies of product candidates and the development of new technologies; expansion of and investment in the company's R&D facilities, including compliance with current General Manufacturing Practices and Good Laboratory Practices rules and regulations; and other general corporate purposes.