Navigation Links
Novavax Announces Early Retirement of $17 Million of Convertible Debt
Date:4/29/2009

Transaction removes significant financial obligation and improves balance sheet

ROCKVILLE, Md., April 29 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX), a leader in the development of novel vaccines, today announced that it has reached an early payoff agreement with holders of $17 million of the total $22 million in outstanding convertible notes. These convertible notes carried a coupon rate of 4.75% payable semi-annually and had a maturity date of July 15, 2009. Under the terms of the early retirement, the Company will pay 70% of the principal plus accrued and unpaid interest in cash and will issue shares of its common stock for the remaining 30% of the principal by dividing that principal amount by $2.50 for a total payment of approximately $12 million in cash and 2,040,000 shares of common stock. The remaining $5 million in outstanding convertible notes will be due on July 15, 2009 and can be paid in cash at maturity at the Company's option.

"The transaction announced today to retire $17 million of our outstanding convertible notes removes a significant financial overhang from the Company. We have taken the opportunity to repay a larger portion of this debt in cash than was initially anticipated based on our current resources and market conditions. Removal of this indebtedness will allow the Company to continue its primary focus on the core mission of developing important new vaccines that can make a significant impact on human health," stated Rahul Singhvi, President and Chief Executive Officer of Novavax, Inc.

About Novavax

Novavax, Inc. is a clinical stage biotechnology company, creating novel vaccines to address a broad range of infectious diseases worldwide using advanced proprietary virus-like particle (VLP) technology. The Company produces these VLP based, potent, recombinant vaccines utilizing new, and efficient manufacturing approaches. Additional information about Novavax is available at www.novavax.com and in the Company's various filings with the Securities and Exchange Commission.

Forward Looking Statement

Statements herein relating to future development results and performance, conditions or strategies and other matters, including expectations regarding product and clinical developments, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Novavax cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks relating to the early stage of Novavax's product candidates under development; current results may not be predictive of future pandemic results, results of our seasonal influenza vaccine or any other vaccine that we may develop; further testing is required before regulatory approval can be applied for and the FDA may not approve a vaccine even if further trial results are similar to those disclosed previously by the company; uncertainties relating to clinical trials; dependence on the efforts of third parties; competition for clinical resources and patient enrollment from drug candidates in development by other companies with greater resources and visibility; and risks that we may lack the financial resources and access to capital to fund our operations including further clinical trials. Further information on the factors and risks that could affect Novavax's business, financial conditions and results of operations, is contained in Novavax's filings with the U.S. Securities and Exchange Commission, which are available at http://www.sec.gov. These forward-looking statements speak only as of the date of this press release, and Novavax assumes no duty to update forward-looking statements.


'/>"/>
SOURCE Novavax, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. NOVAVAX Announces Publication of a Preclinical Study Demonstrating that a Virus-like Particle Vaccine Provided Protection Against Highly Pathogenic H1N1 and H5N1 Influenza Strains
2. Novavax Announces New Capital Infusion Through a Strategic Alliance with Cadila Pharmaceuticals of India
3. Novavax Announces New Release Date of 2008 Fourth Quarter Financial Results and Investor Conference Call
4. Novavax Announces Release Date of 2008 Fourth Quarter Financial Results and Investor Conference Call
5. Novavax to Present at Cowen and Company 29th Annual Healthcare Conference
6. NOVAVAX Announces Preclinical Study Results for a Respiratory Syncytial Virus (RSV) Vaccine Candidate Directed Against the Fusion (F) Protein
7. Novavax and Vivalis Sign a Research License Agreement to Use the EB66(R) Cell Line for the Production of Virus Like Particle Based Vaccines
8. Novavax Announces Operational Status of Its Vaccine Pilot Plant and Commercial Launch Facility
9. Novavax CMO to Present at Phacilitate Vaccine Forum Washington 2009
10. NOVAVAX and the University of Massachusetts Medical School Announce Preclinical Study Results for a Respiratory Syncytial Virus (RSV) Vaccine Candidate
11. Novavax to Present Seasonal Influenza Data Results in an Investor Conference Call on December 11, 2008
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... 2016  In the pharmaceutical industry the medical affairs ... launch activities including the identification and engagement of key ... especially high in the oncology therapeutic area where most ... the Role of Medical Affairs in Oncology Launch Excellence ... therapies find better ways to utilize medical affairs to ...
(Date:2/5/2016)... -- Amarantus BioScience Holdings, Inc. ... products for Regenerative Medicine, Neurology and Orphan Diseases, announced ... from the US Food and Drug Administration (FDA) for ... granted orphan drug designation (ODD) by the US FDA ... Inc. (OTCQB: AMBS), a biotechnology company ...
(Date:2/4/2016)... ... February 04, 2016 , ... ... compliance training, today announced an interactive FDA compliance training course, ... (Regulatory Affairs Professional Society) accredited interactive course on Morf Playbook—now conveniently available on ...
(Date:2/4/2016)...  Sangamo BioSciences, Inc. (NASDAQ: SGMO ), the ... Edward Lanphier , Sangamo,s president and chief executive officer, ... ZFP Therapeutic ® development programs and an overview ... on Thursday, February 11, 2016, at the Leerink Partners ... is being held in New York ...
Breaking Biology Technology:
(Date:2/3/2016)... 2016 --> --> Fourth ... (105.0), up 1,187% compared with fourth quarter of 2014. Gross ... M (loss: 30.0). Earnings per share increased to SEK 6.39 ... M (neg: 74.7). , --> ... SEK 2,900.5 M (233.6), up 1,142% compared with 2014. Gross ...
(Date:2/3/2016)... , Feb. 3, 2016 ... the addition of the "Emotion Detection ... Machine Learning, and Others), Software Tools (Facial ... Areas, End Users,and Regions - Global forecast ... --> http://www.researchandmarkets.com/research/d8zjcd/emotion_detection ) has ...
(Date:2/2/2016)... 2, 2016 Checkpoint Inhibitors for Cancer ... Are you interested in the future of ... checkpoint inhibitors. Visiongain,s report gives those predictions to ... national level. Avoid falling behind in data ... and revenues those emerging cancer therapies can achieve. ...
Breaking Biology News(10 mins):