VBI Vaccines Announces Pricing of $18 Million Public Offering and $3 Million Concurrent Registered Direct Offering

VBI Vaccines Inc. (NASDAQ: VBIV) (VBI or the Company), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, today announced the pricing of its previously announced underwritten public offering of 10,909,091 common shares and accompanying common warrants to purchase up to 10,909,091 common shares, and its concurrent registered direct offering of 1,818,182 common shares and accompanying common warrants to purchase up to 1,818,182 common shares, at a combined public offering price of $1.65 per share and accompanying common warrant. The accompanying common warrants have an exercise price of $1.65 per share and expire five years from the date of issuance. VBI also granted the underwriters a 30-day option to purchase up to an additional 1,636,363 common shares and/or common warrants to purchase up to 1,636,363 common shares offered in the underwritten public offering. The gross proceeds from the underwritten public offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $18 million, excluding any exercise of the underwriters’ option to purchase additional common shares and/or common warrants to purchase common shares, and the gross proceeds from the concurrent registered direct offering are expected to be approximately $3 million. All of the securities to be sold in the offerings are being offered by VBI. The offerings are expected to close on or about July 10, 2023, subject to satisfaction of customary closing conditions.

Raymond James & Associates, Inc. is acting as the sole book-running manager for the underwritten public offering. Newbridge Securities Corporation is acting as the lead manager for the underwritten public offering. The registered direct offering is being made without an underwriter or a placement agent.

VBI intends to use the net proceeds from both offerings for the commercialization activities for PreHevbrio [Hepatitis B Vaccine (Recombinant)] in the United States, Europe, and Canada; manufacturing of PreHevbrio and clinical materials for its pipeline programs; and ongoing activities related to its development stage candidates, including VBI-1901 (glioblastoma) and VBI-2901 (coronaviruses). The net proceeds will also be used for general corporate purposes, including working capital and capital expenditures.