Vaxart Inc (NASDAQ:VXRT) shares are trading higher by 17.8% to $0.66 Tuesday morning amid a number of recent news items. The company recently secured a contract from the U.S. Government via the Department of Health and Human Services with the total contract value of $9,271,193.
This entails funding for clinical trial planning activities related to a Phase 2b trial comparing Vaxart’s XBB vaccine candidate with an mRNA comparator, focusing on efficacy for symptomatic and asymptomatic disease, immune response, and adverse events.
The company also announced the resignation of Andrei Floroiu as President, CEO and Director, with Michael J. Finney taking on the role of Interim Chief Executive Officer.
The company also said it had entered into a common stock purchase agreement with RA Capital Management for the sale of 15,384,615 shares of its common stock in a registered direct offering at $0.65 per share.
What Else?
The gross proceeds for the offering amount to approximately $10 million. The net proceeds will be used for general corporate purposes, including working capital, operating expenses and capital expenditures.
The company aims to advance its oral pill vaccine platform, citing positive clinical proof of data. The closing of the offering is expected around January 18, subject to customary closing conditions.
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According to data from Benzinga Pro, Vaxart has a 52-week high of $1.59 and a 52-week low of $0.53.
