VBI Vaccines Inc. completed an underwritten public offering of common shares to raise gross proceeds of $40.3 million.
The Cambridge, Mass.-based biotech company, which develops and sells vaccines, sold 80.5 million common shares at 50 cents apiece including the full exercise by the offering's underwriters to buy up to an additional 10.5 million shares.
VBI plans to use a portion of the net proceeds to develop its pipeline of products, which includes VBI-1901 for brain cancer; cytomegalovirus vaccine candidate VBI-1501; and 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. were the joint book-running managers for the offering, while National Securities Corp. was the lead manager.
