Novavax Announces Pricing of $18 Million Financing of Common Stock an...( ROCKVILLE Md. July 29 /- Novavax ...)

ROCKVILLE, Md., July 29 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today announced the pricing of a registered direct equity financing of $18 million by issuing common stock and warrants from its existing shelf registration. The Company has entered into subscription agreements with certain current, new institutional shareholders and affiliates of the Company to sell 6,686,650 units which are comprised of one share of common stock and a warrant to purchase 0.5 shares of common stock at a price of $2.68 per unit (or $2.8425 per unit for units sold to affiliates of the Company). The warrants, which represent the right to acquire 3,343,325 shares of common stock will be exercisable at a price of $3.62 per share and have a five year term. The Company conducted the financing without the services of a placement agent or underwriter. Net proceeds of the transaction (after expenses of the offering) to the Company are expected to be $17.6 million. The offering is expected to close on July 31, 2008, subject to customary closing conditions.

The Company intends to use the net proceeds of the offering for pre-clinical and clinical studies for its VLP-based vaccines, internal research and development programs, working capital, capital expenditures and other general corporate purposes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of 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. The offering may be made only means of a prospectus supplement and the accompanying prospectuses.

This offering is bei
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