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Vaxart Inc (NASDAQ:VXRT) shares are trading higher by 8.4% to $0.79 Wednesday afternoon amid ongoing volatility and a number of recent news items.
The company has recently obtained a contract worth $9,271,193 from the U.S. Government through the Department of Health and Human Services. The contract is allocated for funding clinical trial planning activities associated with a Phase 2b trial.
The trial aims to compare Vaxart’s XBB vaccine candidate with an mRNA comparator, focusing on effectiveness against 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.
Posted In: VXRT
