VBI Vaccines Inc. (Nasdaq: VBIV) (TSX: VBV) (“VBI”), a clinical-stage biopharmaceutical company developing infectious disease and immuno-oncology vaccines, today announced that it has raised $23.6 million in concurrent equity and debt financing transactions with Perceptive Advisors. Under the terms of the equity financing, VBI sold an aggregate of 3,475,000 of its common shares at a price of $3.05 per share in a private placement to Perceptive Advisors, for total gross proceeds of approximately $10.6 million.

Additionally, Perceptive Advisors increased its current credit agreement with VBI by funding an additional $13 million in secured debt. In conjunction with the additional debt funding, VBI issued a warrant to Perceptive Advisors for the purchase of an aggregate of 1,341,282 common shares at an exercise price of $3.36 per share.

“Perceptive is delighted to lead this financing. We are excited about the promise of VBI’s clinical programs which address significant unmet medical needs and we continue to be impressed by the expertise and judgment of VBI’s leadership,” said Sam Chawla of Perceptive Advisors.

This transaction increases Perceptive Advisor’s beneficial ownership of VBI from 7.8% to 15.8% of issued and outstanding common shares on an undiluted basis.

“This financing provides VBI with sufficient resources to take us through key program milestones into 2018. We are honored and grateful for the continued support and confidence from Perceptive Advisors. Our strong and strategic relationship with the team at Perceptive Advisors is a tremendous asset for VBI,” said Jeff Baxter, VBI’s President and CEO.

VBI intends to use the proceeds of the private placement for working capital and general corporate purposes, including the continued advancement of its growing pipeline of vaccine candidates.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.