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VBI Vaccines prices $37.5M common stock offering

VBI Vaccines Inc. priced its offering of 26.8 million common shares at $1.40 apiece.

The company, which develops vaccines for infectious diseases and therapies for cancer, gave underwriters a 30-day option to buy up to an additional 4,020,000 common shares at the same price.

VBI expects gross proceeds of about $37.5 million, used to advance the company's research and development programs, including funding its phase 3 program for Sci-B-Vac; its phase 1/2a clinical study of VBI-1901 for brain cancer; its cytomegalovirus vaccine candidate VBI-1501 and its immuno-therapeutic candidate for hepatitis B, VBI-2601.

BMO Capital Markets, Canaccord Genuity LLC and Oppenheimer & Co. Inc. are acting as joint book runners for the offering, while National Securities Corporation is acting as a financial adviser to VBI.