12/05/2015, 14:45 Kobi Yeshayahou
The funds were raised at a 25% discount on the company’s closing price on the Tel Aviv Stock Exchange.
Universal flu vaccine developer BiondVax Pharmaceuticals Ltd. (TASE:BNDX) has raised $10 million on Nasdaq at a price of $5.01 per American Depositary Share (ADS).
Biondvax priced 1,910,000 ADSs, each representing 40 of its ordinary shares, and warrants to purchase 1,910,000 ADSs at an offering price of $5.00 per ADS and $0.01 per warrant. The warrants, which will have a per ADS exercise price of $6.25, are exercisable immediately and will expire on May 15, 2020.
Biondvax’s share price in Tel Aviv closed yesterday at NIS 0.64.5. The price of the share in New York was NIS 0.48.2, a 25% discount.
The gross proceeds to BiondVax from this offering are expected to be $9.55 million before deducting underwriting discounts and commissions and other estimated offering expenses. BiondVax has granted the underwriter a 45-day option to purchase up to an additional 286,500 ADSs and/or warrants to purchase 286,500 ADSs to cover over-allotments, if any.
The ADSs and warrants are scheduled to begin trading on The NASDAQ Capital Market today under the symbol “BVXV” and “BVXVW,” respectively. The offering is expected to close on May 15, 2015, subject to customary closing conditions.
Aegis Capital Corp. is acting as sole book-running manager for the offering.
BiondVax CEO Ron Babecoff said, “The US IPO represents a vote of confidence by international investors in the company and its technology. The money raised and our listing for trading in the US will enable the company to promote its clinical activities and speed it up while developing business-wise for the benefit of our shareholders.” BiondVax is developing a universal flu vaccine that will immunize against all strains of flus including seasonal varieties and pandemics.
Published by Globes [online], Israel business news – www.globes-online.com – on May 12, 2015
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