VBI Vaccines Inc. priced a public offering of 70 million common shares at 50 cents apiece.
The Cambridge, Mass.-based company expects gross proceeds of $35 million from the offering.
Underwriters have a 30-day option to purchase up to an additional 10.5 million common shares at the same price.
The offering is expected to close on or about Sept. 23.
VBI, which develops vaccines for infectious diseases and therapies for cancer, plans to use a portion of the net proceeds to develop pipeline programs including completing a phase 3 trial, regulatory submissions and precommercialization activities for Sci-B-Vac; clinical development of VBI-1901 for brain cancer; its cytomegalovirus vaccine candidate VBI-1501 and its immuno-therapeutic candidate for hepatitis B, VBI-2601. Part of the proceeds will also be used for general corporate purposes.
Raymond James & Associates Inc. and Oppenheimer & Co. Inc. are the joint book-running managers while National Securities Corp. is lead manager for the offering.
