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Novavax raising $82.6M from stock offering

ROCKVILLE, Md. (AP) -- Vaccine maker Novavax said Tuesday that it expects to raise $82.6 million, after expenses, from selling 27.7 million of its shares.

The company said the offering priced at $3.14 per share, its closing price on Monday. The banks managing the deal may buy another 4.2 million shares, which would add to the proceeds.

Novavax Inc. said it will use the proceeds for development of its experimental vaccines. Those include vaccines for seasonal and pandemic influenza and the respiratory syncytial virus, the most common cause of lower respiratory tract illnesses in infants and young children.

The company's vaccines are made with genetically engineered virus-like particles.

Shares rose 16 cents, or 5.1 percent, to $3.30 in morning trading Tuesday. The stock had gained 66 percent this year through Monday's close.