NOVAVAX PUBLICLY RAISING $18M TO FUNDAVIAN FLU VACCINE WORK

Capitalizing on its rising stock price driven by avian flu fears, Novavax Inc. is bringing in $18 million through a public offering to support clinical development. The Malvern, Pa.-based company agreed to sell about 4.2 million shares of common stock at $4.30 per share, far above the closing price of $1.76 per share only a month ago. Novavax's stock has risen steadily since late August, starting with a 30 percent jump on news that the H9N2 avian flu vaccine developed using its Virus-Like Particle (VLP) technology performed well in preclinical models, effectively protecting animals that were challenged with the live virus.

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