VBI Vaccines (Nasdaq:VBIV) ("VBI"), a biopharmaceutical company developing novel technologies that seek to expand vaccine protection in large underserved markets, today announced that it has closed a private placement financing led by new investor, RTW Investments, together with existing investors, ARCH Ventures Partners and Perceptive Advisors.
Under the terms of the financing, VBI sold an aggregate of 3,000,000 shares of its common stock at an average price of $2.0952 per share for total gross proceeds of approximately $6.29 million.
"The private placement will help strengthen VBI's balance sheet as we further our mission of innovative vaccine formulation and development of safe and effective prophylactic and therapeutic vaccines," said Jeff Baxter, VBI's President and CEO. "We are very excited for VBI's future prospects and we are grateful to our new and existing investors for their support." VBI intends to use the net proceeds of the private placement for working capital and general corporate purposes, including the continued development of its vaccine pipeline.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under or exemption from such Act. VBI has agreed to file a registration statement with the SEC covering the resale of the restricted shares purchased in the private placement.
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.