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Novavax Announces Repayment of $5 Million of Convertible Debt
2009 JUL 28 - (NewsRx.com) -- Novavax, Inc. (NASDAQ: NVAX) announced that it has repaid the remaining $5.0 million balance of its convertible notes. These convertible notes carried a coupon rate of 4.75% payable semi-annually and had a maturity date of July 15, 2009. Under the terms of the convertible notes, at its option, Novavax could pay up to 50% of the notes in the company's common stock subject to the satisfying certain conditions. Novavax has elected to pay 50% of the principal plus accrued and unpaid interest in cash for a total payment of approximately $2.6 million and issued common stock for the remaining $2.6 million of the principal plus accrued and unpaid interest due by dividing that principal amount by $2.5163, resulting in 1,016,939 shares of common stock. "The repayment of the final portion of these convertible notes removes a significant financial liability from the company and results in a further strengthening of the balance sheet. Elimination of this debt will allow Novavax to focus on the various opportunities ahead including continued development of our seasonal flu and H1N1 pandemic flu vaccines as well as the realization of our technology in Spain and India to create self reliant in-border influenza vaccine supply," stated Rahul Singhvi, President and Chief Executive Officer of Novavax, Inc. Keywords: Novavax, Inc. This article was prepared by Science Letter editors from staff and other reports. Copyright 2009, Science Letter via NewsRx.com.
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