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VBI Vaccines raises $42.9M in common stock offering

VBI Vaccines Inc. closed an underwritten public offering of its common shares to raise $42.9 million in gross proceeds.

The company, which develops vaccines for infectious diseases and therapies for cancer, sold 26.8 million common shares at $1.40 a piece. Underwriters for the offering partially exercised their overallotment option and bought 3,865,304 additional common shares at the offering price.

VBI plans to use the proceeds for advancing its research and development programs, including clinical trials for Sci-B-Vac, VBI-1901 for glioblastoma, VBI-1501 for cytomegalovirus, and VBI-2601 for hepatitis B, and for general corporate purposes.

Cambridge, Mass.-based VBI has 97,343,777 common shares outstanding following the closing of the offer.

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