GAITHERSBURG, Md., Jan. 25,
2023 /PRNewswire/ -- Novavax, Inc. (Nasdaq: NVAX),
a biotechnology company dedicated to developing and
commercializing next-generation vaccines for serious infectious
diseases, today announced that it has granted a non-qualified stock
option and restricted stock units to John
C. Jacobs, its newly appointed President and Chief Executive
Officer, as a material inducement for his entry into employment
with Novavax, effective as of January 23,
2023, the first date of his employment with Novavax (the
"grant date"). These awards were approved by a majority of
independent directors of the Board of Directors of Novavax and were
granted in accordance with Nasdaq Listing Rule 5635(c)(4) and
pursuant to the Novavax, Inc. 2023 Inducement Plan.
The non-qualified stock option is an option to purchase 290,700
shares of Novavax' common stock with a per share exercise price of
$11.92, the closing price of Novavax'
common stock on the Nasdaq Global Select Market on the grant date.
The non-qualified stock option has a ten-year term and will vest as
to one-quarter of the underlying shares on the first anniversary of
the grant date, and as to the remaining shares in equal monthly
installments for 36 months thereafter, in each case generally
subject to Mr. Jacobs' continued employment with Novavax through
the applicable vesting date. The restricted stock units are with
respect to 249,590 shares of Novavax' common stock and will vest as
to one-third of the restricted stock units on each of the first
three anniversaries of the grant date, in each case generally
subject to Mr. Jacobs' continued employment with Novavax through
the applicable vesting date. The non-qualified stock option and
restricted stock units are subject to the terms and conditions of
the Novavax, Inc. 2023 Inducement Plan.
About Novavax
Novavax, Inc.
(Nasdaq: NVAX) is a biotechnology company
that promotes improved health globally through the discovery,
development, and commercialization of innovative vaccines to
prevent serious infectious diseases. The company's proprietary
recombinant technology platform harnesses the power and speed of
genetic engineering to efficiently produce highly
immunogenic nanoparticles designed to address urgent global
health needs. The Novavax COVID-19 vaccine
(NVX-CoV2373), has received authorization from multiple regulatory
authorities globally, including the U.S. FDA, the European
Commission, and the World Health Organization. The vaccine is
currently under review by multiple regulatory agencies worldwide,
including for additional indications and populations such as
adolescents and as a booster. In addition to its COVID-19
vaccine, Novavax is also currently evaluating its
COVID-19-Influenza Combination (CIC) vaccine
candidate, its quadrivalent influenza investigational
vaccine candidate, and an Omicron strain-based vaccine
(NVX-CoV2515) as well as a bivalent format Omicron-based / original
strain-based vaccine. These vaccine candidates incorporate
Novavax' proprietary saponin-based Matrix-M
adjuvant to enhance the immune response and stimulate high
levels of neutralizing antibodies.
Forward-Looking Statements
Statements herein
relating to the future of Novavax, its operating plans
and prospects, its role in improving health globally, the ongoing
development of NVX-CoV2373, NVX-CoV2515, a bivalent Omicron-based /
original strain based vaccine, the CIC vaccine
candidate and a quadrivalent influenza investigational
vaccine candidate, future regulatory filings and actions, and
additional worldwide authorizations of NVX-CoV2373 for additional
indications and populations are forward-looking statements.
Novavax cautions that these forward-looking statements are
subject to numerous risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements. These risks and uncertainties include, without
limitation, challenges satisfying, alone or together with partners,
various safety, efficacy, and product characterization
requirements, including those related to process qualification and
assay validation, necessary to satisfy applicable regulatory
authorities; difficulty obtaining scarce raw materials and
supplies; resource constraints, including human capital and
manufacturing capacity, on the ability of Novavax to
pursue planned regulatory pathways; unanticipated challenges or
delays in conducting clinical trials; challenges meeting
contractual requirements under agreements with multiple commercial,
governmental, and other entities; the emergence of variants of the
SARS-CoV-2 virus that may negatively impact market acceptance or
anticipated sales of NVX-CoV-2373; and those other risk factors
identified in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections
of Novavax' Annual Report on Form 10-K for the year
ended December 31, 2021 and
subsequent Quarterly Reports on Form 10-Q, as filed with the
Securities and Exchange Commission (SEC). We caution investors not
to place considerable reliance on forward-looking statements
contained in this press release. You are encouraged to read our
filings with the SEC, available at www.sec.gov
and www.novavax.com, for a discussion of
these and other risks and uncertainties. The forward-looking
statements in this press release speak only as of the date of this
document, and we undertake no obligation to update or revise any of
the statements. Our business is subject to substantial risks and
uncertainties, including those referenced above. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties.
Contacts:
Investors
Erika Schultz |
240-268-2022
ir@novavax.com
Media
Ali Chartan and Giovanna Chandler |
202-709-5563
media@novavax.com
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SOURCE Novavax, Inc.