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. This transaction increases Perceptive Advisor’s beneficial ownership of VBI from 7.8% to 15.8%.