Novavax closes offering for 6.8 million shares

AP News
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Posted: Dec 09, 2009 11:39 AM

Biotech drug developer Novavax Inc. said Wednesday it closed a public offering for 6.8 million shares of common stock.

The company announced the offering, at $3.30 per share, Nov. 20. At the time, it was a 12 percent discount to the stock's prior closing price of $3.77 per share.

Novavax said it will use net proceeds of $21 million to fund research and development, capital expenses, and for general corporate purposes.

Piper Jaffray & Co. and Lazard Capital Markets LLC were joint bookrunning managers.

Shares of Novavax fell 2 cents to $3.17 in morning trading.