VBI Vaccines plunges on stock offerings

VBI Vaccines

06/07/2023 12:52

** VBI Vaccines Inc's  VBIV.O  shares down 28.5% to fresh
record low $1.73 before the bell as co looks to raise equity
    ** Co late Weds announced public and registered direct
offerings of stock and warrants; deal sizes not disclosed
    ** It plans to use net proceeds from both offerings for 
commercialization activities for PreHevbrio, its hepatitis B
vaccine, in U.S., Europe and Canada
    ** Raymond James sole bookrunner for public offering
    ** After the bell Weds, co also said it expanded hepatitis B
partnership with Brii Biosciences  2137.HK  in license and
collaboration agreements for up to $437 mln plus royalties
    ** Co has ~8.6 mln shares outstanding for ~$21 mln market
cap following 1-for-30 reverse stock split effected in Apr
    ** VBIV has shed 79% YTD through close on Weds

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))