Vaxart Announces $10.0 Million Registered Direct Offering; Shares Climb 30%

Vaxart, Inc. (Nasdaq: VXRT) announced today that it had 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. The gross proceeds of the deal will be approximately $10.0 million.

Vaxart topped the PRISM MarketView Emerging Biotech Index during the day and the company’s share price rose 30% in intraday trading following the news.

Dr. Michael J. Finney, Vaxart’s Interim Chief Executive Officer, said, “We appreciate the financial backing by RA Capital as we continue to progress our oral pill vaccine platform. 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.”

Vaxart intends to use the net proceeds from the offering primarily for general corporate purposes, including working capital, operating expenses and capital expenditures.

About Vaxart

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, seasonal influenza, and respiratory syncytial virus (RSV), as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.