Vaxart Inc. (NASDAQ: VXRT) says it Has Raised Gross Proceeds of About $90M Through its At-The-Market-Facility

Vaxart Inc. (NASDAQ:VXRT) will be able to smoothly continue with the clinical and preclinical development of its product candidates. This will be facilitated by gross proceeds of about $90 million raised through the company’s At-the-Market (ATM) facility. Under the watch of SVB Leerink acting as the lead sales agent and a co-sales agent for the ATM facility, B. Riley FBR, Vaxart sold close to 11.2 million shares at $7.98 per share.

The sale was carried out in line with an automatic and active shelf registration statement on Form S-3 (File No. 333-239751).

Vaxart Steps Out To Demonstrate the Efficiency of Oral COVID-19 Vaccine Candidate 

There are hundreds of companies, which are participating in the development of potential vaccine candidates for COVID-19. Vaxart has not been left out, and it has also been enjoined in the participation of in a non-human primate (NHP) challenge study. A new national program is sponsoring this, and the additional good news is that only the company’s oral vaccine is being evaluated.

The new national program aims to offer extensive quantities of safe and effective vaccines for millions of Americans by January 2021. The United States is one of the leading nations with high numbers of infections and deaths. It is a sad state of affairs and to the economy relied upon by other small struggling economies.

“We are very pleased… and in addition, our vaccine is a room temperature-stable tablet, an enormous logistical advantage in large vaccination campaigns,” the CEO of Vaxart Inc., Andrei Floroiu, reported.

Exorbitant Costs of Norovirus Gastroenteritis in the US

Norovirus outbreaks are widely publicized. However, what is publicized is just a tip of the iceberg in terms of the costs the US undertakes each year of $10.6 billion. This is less than 10% of all the costs.

The infections occur throughout the year, but they are reportedly more common during winter, and the costs can escalate up to over 50% of the total costs.

Additionally, there are productivity losses related to norovirus, which amount to 89% of total costs. Nonetheless, according to Vaxart, they will be underpinning the medical need and advancement of the company’s development of the medical need and advance the company’s development of the norovirus vaccine.