VBI Vaccines Inc. (NASDAQ: VBIV) (VBI or the Company), a
biopharmaceutical company driven by immunology in the pursuit of
powerful prevention and treatment of disease, today announced that
the underwriters of its recent underwritten public offering of
common shares and accompanying common warrants to purchase common
shares partially exercised their option to purchase an additional
1,536,363 common shares at a public offering price of $1.64 per
common share. The aggregate gross proceeds from this exercise were
approximately $2.5 million, resulting in total gross proceeds of
$23.5 million from the underwritten public offering and the
previously completed concurrent registered direct offering, before
deducting the underwriting discounts, commissions, and estimated
offering expenses. The partial option exercise closed on July 21,
2023.
Immediately following the closing of the partial option
exercise, the number of outstanding common shares of the Company is
22,872,175.
Raymond James & Associates, Inc. acted as the sole
book-running manager for the underwritten public offering.
Newbridge Securities Corporation acted as the lead manager for the
underwritten public offering. The registered direct offering was
made without an underwriter or a placement agent.
VBI intends to use the net proceeds from the underwritten
offering, including the partial option exercise, for the
commercialization activities for PreHevbrio® [Hepatitis B Vaccine
(Recombinant)] in the United States, Europe, and Canada;
manufacturing of PreHevbrio and clinical materials for its pipeline
programs; and ongoing activities related to its development stage
candidates, including VBI-1901 (glioblastoma) and VBI-2901
(coronaviruses). The net proceeds will also be used for general
corporate purposes, including working capital and capital
expenditures.
A shelf registration statement on Form S-3 (File No. 333-267109)
relating to these securities was previously filed with the
Securities and Exchange Commission (“SEC”) on August 26, 2022 and
declared effective on September 6, 2022. A final prospectus
supplement and accompanying prospectus relating to the underwritten
offering were filed with the SEC and available on the SEC’s website
at www.sec.gov. Copies of the final prospectus supplement and
accompanying prospectus may be obtained from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon
Parkway, St. Petersburg, Florida 33716, by telephone at (800)
248-8863, or by e-mail at prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other 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 other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About PreHevbrio®
PreHevbrio is the only 3-antigen hepatitis B vaccine, comprised
of the three hepatitis B surface antigens of the hepatitis B virus
– S, pre-S1, and pre-S2. It is approved for use in the United
States, European Union/European Economic Area, United Kingdom,
Canada, and Israel. The brand names for this vaccine are:
PreHevbrio® (US/Canada), PreHevbri® (EU/EEA/UK), and Sci-B-Vac®
(Israel).
Please visit www.PreHevbrio.com for U.S. Important Safety
Information for PreHevbrio® [Hepatitis B Vaccine (Recombinant)], or
please see U.S. Full Prescribing Information.
U.S. Indication
PreHevbrio is indicated for prevention of infection caused by
all known subtypes of hepatitis B virus. PreHevbrio is approved for
use in adults 18 years of age and older.
U.S. Important Safety Information (ISI)
Do not administer PreHevbrio to individuals with a history of
severe allergic reaction (e.g. anaphylaxis) after a previous dose
of any hepatitis B vaccine or to any component of PreHevbrio.
Appropriate medical treatment and supervision must be available
to manage possible anaphylactic reactions following administration
of PreHevbrio.
Immunocompromised persons, including those on immunosuppressant
therapy, may have a diminished immune response to PreHevbrio.
PreHevbrio may not prevent hepatitis B infection, which has a
long incubation period, in individuals who have an unrecognized
hepatitis B infection at the time of vaccine administration.
The most common side effects (> 10%) in adults age 18-44,
adults age 45-64, and adults age 65+ were pain and tenderness at
the injection site, myalgia, fatigue, and headache.
There is a pregnancy exposure registry that monitors pregnancy
outcomes in women who received PreHevbrio during pregnancy. Women
who receive PreHevbrio during pregnancy are encouraged to contact
1-888-421-8808 (toll-free).
To report SUSPECTED ADVERSE REACTIONS, contact VBI Vaccines at
1-888-421-8808 (toll-free) or VAERS at 1-800-822-7967 or
www.vaers.hhs.gov.
Please see Full Prescribing Information.
About VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a biopharmaceutical company driven
by immunology in the pursuit of powerful prevention and treatment
of disease. Through its innovative approach to virus-like particles
(“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform
technology, VBI develops vaccine candidates that mimic the natural
presentation of viruses, designed to elicit the innate power of the
human immune system. VBI is committed to targeting and overcoming
significant infectious diseases, including hepatitis B,
coronaviruses, and cytomegalovirus (CMV), as well as aggressive
cancers including glioblastoma (“GBM”). VBI is headquartered in
Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot,
Israel.
Website Home: http://www.vbivaccines.com/ News and Resources:
http://www.vbivaccines.com/news-and-resources/ Investors:
http://www.vbivaccines.com/investors/
Cautionary Statement on Forward-looking
Information
Certain statements in this press release that are
forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are forward-looking information within the meaning of Canadian
securities laws (collectively, “forward-looking statements”). The
Company cautions that such forward-looking statements involve risks
and uncertainties that may materially affect the Company’s results
of operations. Such forward-looking statements are based on the
beliefs of management as well as assumptions made by and
information currently available to management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not
limited to, prevailing market conditions; the anticipated use of
the proceeds of the offering which could change as a result of
market conditions or for other reasons; the impact of general
economic, industry or political conditions in the United States or
internationally; the impact of the COVID-19 pandemic and the
continuing effects of the COVID-19 pandemic on our clinical
studies, manufacturing, business plan, and the global economy; the
ability to successfully manufacture and commercialize
PreHevbrio/PreHevbri; the ability to establish that potential
products are efficacious or safe in preclinical or clinical trials;
the ability to establish or maintain collaborations on the
development of pipeline candidates and the commercialization of
PreHevbrio/PreHevbri; the ability to obtain appropriate or
necessary regulatory approvals to market potential products; the
ability to obtain future funding for developmental products and
working capital and to obtain such funding on commercially
reasonable terms; the Company’s ability to manufacture product
candidates on a commercial scale or in collaborations with third
parties; changes in the size and nature of competitors; the ability
to retain key executives and scientists; and the ability to secure
and enforce legal rights related to the Company’s products. A
discussion of these and other factors, including risks and
uncertainties with respect to the Company, is set forth in the
Company’s filings with the SEC and the Canadian securities
authorities, including its Annual Report on Form 10-K filed with
the SEC on March 13, 2023, and filed with the Canadian security
authorities at sedar.com on March 13, 2023, as may be supplemented
or amended by the Company’s Quarterly Reports on Form 10-Q, and in
the final prospectus supplement and accompanying prospectus
relating to the underwritten public offering to be filed with the
SEC. Given these risks, uncertainties and factors, you are
cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. All such forward-looking statements made
herein are based on our current expectations and we undertake no
duty or obligation to update or revise any forward-looking
statements for any reason, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230724431781/en/
VBI Contact Nicole Anderson Director, Corporate
Communications & IR Phone: (617) 830-3031 x124 Email:
IR@vbivaccines.com
VBI Vaccines (NASDAQ:VBIV)
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