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$100M Public Offering: Vaxcyte Inc. (PCVX) stock Plummets Deep Pre-Market

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On January 13, Vaxcyte Inc. (PCVX) announced the pricing of a $100 million public offering of its common stock shares.

In the previous market session, PCVX stock lost 6.28% at its closing price of $22.00 on Wednesday. The stock plunged further pre-market to reach $20.18 with a loss of 8.27%.

Founded in 2013, the high-fidelity vaccine developer, Vaxcyte Inc. is headquartered in Foster City, CA. Currently, its 52.79 million outstanding shares trade at a market capitalization of $1.25 billion. Moreover, the stock has subtracted 7.99% in the past five days, while losing 14.73% last year.

PCVX’s Public Offering

According to today’s announcement, the company has offered 2,500,000 shares of its common stock along with pre-funded warrants in an underwritten public offering. Furthermore, the public offering price of its common stock shares is $20.00/share and the pre-funded warrants are $19.999 per underlying share.

Excluding the exercise of pre-funded warrants, the expected gross proceeds from the offering are $100.0 million, less discounts and commissions.

In addition, a 30-day option for buying additional 750,000 common stock shares has also been granted by PCVX to the underwriters. Further, the per-share price of the additional common stock shares will be the same as the original public offering.

Subject to customary closing conditions, the expected close of the offering is on January 18, 2022.

Finally, the joint book-running managers for the offering are BofA Securities and Evercore ISI. Added to this, the acting co-manager for the offering is Needham & Company.

IND Clearance for VAX-24

VAX-24 is the company’s lead broad-spectrum PCV (pneumococcal conjugate vaccine) candidate for the prevention of invasive pneumococcal disease (IPD).

On January 06, the company announced receiving Investigational New Drug application clearance for VAX-24. Consequently, PCVX expects to commence the Phase ½ clinical proof-of-concept study of VAX-24 in the first quarter of 2022. The trial will evaluate the safety, tolerability, and immunogenicity of the vaccines in healthy adults. Additionally, the topline immunogenicity results are expected by the end of 2022.

PCVX in Numbers

The company declared its financial results for the third quarter of 2021 on November 10.

In the third quarter of 2021, PCVX had a net loss of $26.6 million, against $21.0 million in the year-ago quarter.

The company ended the quarter with cash, cash equivalents, and investments of $318.3 million on September 30, 2021.

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