Vaxcyte Raises $100M Via Equity To Fund Development Of Lead Pneumococcal Vaccine Candidate

Vaxcyte Inc (NASDAQ: PCVX) priced its previously announced offering of common stock and pre-funded warrants at $20.00 per share, and $19.999 per underlying share, respectively.

• Vaxcyte is selling 2.5 million shares and pre-funded warrants to purchase 2.5 million shares of common stock in the offering.
• The aggregate gross proceeds to Vaxcyte from this offering are expected to be approximately $100.0 million.
• The underwriters have an option to purchase additional 750,000 shares.
• The offering will close on January 18, 2022.
• BofA Securities, Jefferies, and Evercore ISI are acting as joint book-running managers. 
• Cantor is acting as lead manager for the offering. Needham & Company is acting as co-manager for the offering.
• Last week, the FDA signed off Vaxcyte's lead Investigational New Drug (IND) application for VAX-24, its lead, 24-valent pneumococcal conjugate vaccine (PCV) candidate.
• Vaxcyte expects to initiate the Phase 1/2 clinical proof-of-concept study in adults in Q1 of 2022 and announce topline immunogenicity results by the end of the year.
• Price Action: PCVX shares are down 2.27% at $21.50 during the premarket session on the last check Thursday.