BiondVax Announces Pricing of $12.1 Million Follow-on Underwritten Offering of American Depositary Shares
JERUSALEM, Jan. 29, 2021 /PRNewswire via COMTEX/ -- JERUSALEM, Jan. 29, 2021 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), a biopharmaceutical company focused on developing, manufacturing and ultimately commercializing products for the prevention and treatment of infectious diseases and related illnesses, today announced the pricing of an underwritten public offering of 2,434,783 American Depositary Shares ("ADSs"), each representing forty ordinary shares, at a public offering price of $4.95 per ADS, for gross proceeds to the Company of approximately $12.1 million, before deducting underwriting discounts and other offering expenses.
BiondVax intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, for general corporate purposes, which may include working capital, research and development activities, regulatory matters, capital investment or other related purposes. The Company may also use a portion of any net proceeds to in-license, invest in or acquire businesses, assets or technologies that BiondVax believes are complementary to its business focus, although BiondVax has no current commitments or agreements in those regards.
The offering is expected to close on or about February 2, 2021, subject to customary closing conditions. In connection with the offering, the Company has also granted the underwriters a 30-day option to purchase up to an additional 15% of the number of ADSs offered to the public at the public offering price, less underwriting discount, for covering over-allotments, if any. If the over-allotment option is exercised in full it would increase the total gross proceeds of the offering to approximately $13.8 Million.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
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