Perceptive Advisor Increases Ownership in VBI Vaccines

VBI Vaccines has raised $23.6 million in concurrent equity and financing transactions with Perceptive Advisors.

Under the terms of the equity financing, VBI sold an aggregate of 3.5 million of its common shares at a price of $3.05 per share in a private placement to Perceptive Advisors, for total gross proceeds of approximately $10.6 million .

Additionally, Perceptive Advisors increased its current credit agreement with VBI by funding an additional $13 million in secured debt. In conjunction with the additional debt funding, VBI issued a warrant to Perceptive Advisors for the purchase of an aggregate of 1.3 million common shares at an exercise price of $3.36 per share.

The proceeds from these transactions will be used for working capital and to advance the development of vaccines in the company’s pipeline. ┬áThis transaction increases Perceptive Advisor’s beneficial ownership of VBI from 7.8% to 15.8%.

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