Navigation Links
Novavax Announces Repayment of $5 Million of Convertible Debt

ROCKVILLE, Md., July 15 /PRNewswire-FirstCall/ -- Novavax, Inc. (Nasdaq: NVAX) today announced that it has repaid the remaining $5.0 million balance of its 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 convertible notes, at its option, Novavax could pay up to 50% of the notes in the company's common stock subject to the satisfying certain conditions. Novavax has elected to pay 50% of the principal plus accrued and unpaid interest in cash for a total payment of approximately $2.6 million and issued common stock for the remaining $2.6 million of the principal plus accrued and unpaid interest due by dividing that principal amount by $2.5163, resulting in 1,016,939 shares of common stock.

"The repayment of the final portion of these convertible notes removes a significant financial liability from the company and results in a further strengthening of the balance sheet. Elimination of this debt will allow Novavax to focus on the various opportunities ahead including continued development of our seasonal flu and H1N1 pandemic flu vaccines as well as the realization of our technology in Spain and India to create self reliant in-border influenza vaccine supply," stated Rahul Singhvi, President and Chief Executive Officer of Novavax, Inc.

About Novavax

Novavax, Inc. is a clinical stage biotechnology company, creating novel vaccines, including H1N1 influenza, 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 and in the Company's various filings with the Securities and Exchange Commission.

Forward Looking Statement

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding revenues, operating expenses, cash burn, and clinical developments and anticipated milestones 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 and uncertainties, including the Company's ability to progress any product candidates in preclinical or clinical trials; the scope, rate and progress of its preclinical studies and clinical trials and other research and development activities; clinical trial results; current results may not be predictive of future results; even if the data from preclinical studies or clinical trials is positive, the product may not prove to be safe and efficacious; Novavax's pilot plant facility is subject to extensive validation and FDA inspections, which may result in delays and increased costs; the success of the Company's foreign joint venture and licensing agreements; the Company's ability to enter into future collaborations with industry partners and the government and the terms, timing and success of any such collaboration; the cost of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights; our ability to obtain rights to technology; competition for clinical resources and patient enrollment from drug candidates in development by other companies with greater resources and visibility; our ability to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity or debt financing or otherwise; general business conditions; competition; business abilities and judgment of personnel; and the availability of qualified personnel. 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 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. Cadila Pharmaceuticals Launches Joint Venture With Novavax in India
2. Spanish Government Selects Novavaxs VLP Technology for Comprehensive Flu Vaccine Solution in Spain
3. Novavax Appoints Stanley Erck to Board of Directors
4. Preclinical Proof-of-Concept Studies Published for Novavax Seasonal Influenza Virus-Like-Particle Vaccine
5. Novavax CEO to Present at Phacilitate Vaccine Forum Barcelona 2009
6. Novavax and the NIH Agree to Evaluate a Virus-like Particle (VLP) Vaccine Candidate Against the Novel Influenza A (H1N1) Virus
7. Novavax Reports First Quarter 2009 Financial Results
8. Novavax Announces Enrollment in the Second Phase II Study of its Seasonal Influenza VLP Vaccine Candidate
9. Novavax Announces Release Date of 2009 First Quarter, Financial Results and Investor Conference Call
10. Novavax Announces Early Retirement of $17 Million of Convertible Debt
11. NOVAVAX Announces Publication of a Preclinical Study Demonstrating that a Virus-like Particle Vaccine Provided Protection Against Highly Pathogenic H1N1 and H5N1 Influenza Strains
Post Your Comments:
(Date:12/1/2015)... Bioscience, a company focused on synthetic DNA, today announced that ... as one of Foreign Policy,s 100 Leading Global ... life . Each year, Foreign Policy selects the ... changed lives and are shaping the world. ... be recognized among these incredible global leaders," said Leproust. "At ...
(Date:12/1/2015)... , Dec. 1, 2015  CardioCell LLC, a ... stem cells for cardiovascular indications, intends to proceed ... based on recommendations from a Heart Failure Advisory ... Scientific Advisory Board members . In a ... Phase IIa safety and efficacy data from CardioCell,s ...
(Date:12/1/2015)... , Dec. 1, 2015 Cepheid (Nasdaq: ... its participation at the Piper Jaffray Healthcare Conference in ... morning, the Company is reaffirming its outlook for the ... 2016, in addition to discussing longer term business model ... Chief Executive Officer.  "We continue to be the fastest ...
(Date:11/30/2015)... ... 2015 , ... Global Stem Cells Group Chile ... Central America and abroad for the first Iberoamerican Convention on Aesthetic Medicine, Cosmetology ... Testart will present and discuss new trends in anti-aging stem cell treatments, regenerative ...
Breaking Biology Technology:
(Date:11/12/2015)...  A golden retriever that stayed healthy despite having ... provided a new lead for treating this muscle-wasting disorder, ... of MIT and Harvard and the University of São ... Cell, pinpoints a protective gene that boosts ... The Boston Children,s lab of Lou Kunkel , ...
(Date:11/10/2015)... Nov. 10, 2015  In this report, ... basis of product, type, application, disease indication, ... this report are consumables, services, software. The ... safety biomarkers, efficacy biomarkers, and validation biomarkers. ... are diagnostics development, drug discovery and development, ...
(Date:11/4/2015)... 4, 2015 --> ... published by Transparency Market Research "Home Security Solutions Market - ... 2015 - 2022", the global home security solutions market is expected ... 2022. The market is estimated to expand at a ... to 2022. Rising security needs among customers at homes, ...
Breaking Biology News(10 mins):