On January 16, 2024 Vaxart, Inc. (Nasdaq: VXRT) reported that it has entered into a common stock purchase agreement with RA Capital Management for the sale of 15,384,615 shares of its common stock in a registered direct offering at an offering price of $0.65 per share (Filing, 8-K, Vaxart, JAN 16, 2024, View Source [SID1234639264]).
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Gross proceeds are approximately $10.0 million, before deducting expenses payable by Vaxart. Vaxart intends to use the net proceeds from the offering primarily for general corporate purposes, including working capital, operating expenses and capital expenditures.
"We appreciate the financial backing by RA Capital as we continue to progress our oral pill vaccine platform," said Dr. Michael J. Finney, Vaxart’s Interim Chief Executive Officer. "We believe the clinical proof of data we have generated to date has validated our platform, which carries transformative potential to change how people get vaccinated globally. With this financing, we can continue to advance our programs, with the goal of bringing to market oral pill vaccine(s) that carries significant public health benefits."
The closing of the registered direct offering is expected to occur on or about January 18, 2024, subject to the satisfaction of customary closing conditions.
The shares of common stock are being offered by Vaxart pursuant to a shelf registration statement on Form S-3. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and is available on the SEC’s website at www.sec.gov.
Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained when available, on the SEC’s website at View Source or by contacting Vaxart Investor Relations, 170 Harbor Way, Suite 300, South San Francisco, CA 94080, by email: [email protected] or by telephone: (650) 550-3500.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.