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Vaccine makers tap into virus-driven rally to raise money

January 23, 2020


Some small vaccine developers that saw their stocks take off on Tuesday over growing concern about the new coronavirus are using the rally to raise money.

Novavax Inc. NVAX, -27.80% in 2013 developed a vaccine for Middle East respiratory syndrome (MERS), which is also a coronavirus. On Tuesday after the market closed, the company filed a shelf registration seeking to raise more than $100 million over time. A spokesperson said Novavax also plans to develop a vaccine for the coronavirus. Its stock fell 15% in early trade Wednesday on concerns about dilution.

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