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news.US-based Novavax has completed the previously announced sale of 12.5 million shares of the company's common stock at $0.88 per share to a wholly owned subsidiary of India-based Cadila Pharmaceuticals, a developer of healthcare products, as part of the new strategic alliance between Novavax and Cadila.
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Novavax intends to use the $11 million in gross proceeds from this investment to pay a portion of its 4.75% senior convertible notes due in July 2009 and for a variety of other corporate purposes, including internal R&D programs, working capital and other general corporate purposes.
Novavax is a clinical-stage biotechnology company creating vaccines to address a range of infectious diseases using advanced proprietary virus-like-particle technology.