U.S. VBI Vaccines to secure $37.5 mln in underwritten public offering

U.S.-based biotechnology company VBI Vaccines Inc. plans to secure around $37.5 million in its previously announced underwritten public offering.

VBI Vaccines offered to sell 26.8 million common unit at $1.40 per unit. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 4 million common units at the same price.

VBI intends to use the funds from the offering for its research and development programs, funding the continued clinical development and general corporate purposes, including working capital and capital expenditures.

Subjected to satisfaction of customary closing conditions, the deal is expected to close on or about December 17, 2018. Canadian investment bank BMO Capital Markets, U.S. peers Canaccord Genuity LLC, and Oppenheimer & Co. Inc. are acting as joint book-runners for the underwritten public offering.