Novavax Inc. plans to advance its Covid-19 vaccine candidate with new additions to the company and about $200 million in new funds from selling convertible preferred stock — the latest cash infusion for the Gaithersburg vaccine maker.
The preferred private placement with a Boston-based RA Capital Management investment fund, in a deal that closed June 16, came fewer than two weeks after Novavax (NASDAQ: NVAX) won a Department of Defense contract worth up to $60 million to help manufacture its coronavirus vaccine candidate. It also builds upon $388 million Novavax landed from the Norway-based Coalition for Epidemic Preparedness Innovations for the same program. And it follows the company’s preparations to sell up to $250 million in common stock, a move that sent its stock soaring toward the end of May.