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Vaxart Announces Closing of Registered Direct Offering of Common Stock

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Vaxart, Inc., a clinical-stage biotechnology company developing oral
recombinant vaccines that are administered by tablet rather than by
injection, today announced the closing of its previously announced
registered direct offering of 1,200,000 shares of its common stock at a
price of $2.50 per share. Total gross proceeds from the offering were
$3.0 million, before deducting placement agent fees and estimated
offering expenses.

H.C. Wainwright & Co. acted as the exclusive lead placement agent for
the offering. Brookline Capital Markets, a division of CIM Securities,
LLC, acted as the co-placement agent for the offering.

The securities described above were offered by Vaxart pursuant to a
registration statement on Form S-3 (File No. 333-228910) previously
filed with and subsequently declared effective by the Securities and
Exchange Commission (SEC) on March 15, 2019. A prospectus supplement and
accompanying base prospectus relating to the shares of common stock
offered were filed with the SEC on March 20, 2019. Copies of the
prospectus supplement and accompanying base prospectus may be obtained
on the SEC’s website at http://www.sec.gov
or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction

About Vaxart

Vaxart is a clinical-stage biotechnology company focused on developing
oral recombinant protein vaccines based on its proprietary oral vaccine
platform. Vaxart’s vaccines are designed to generate broad and durable
immune responses that protect against a wide range of infectious
diseases and may also be useful for the treatment of chronic viral
infections and cancer. Vaxart’s vaccines are administered using a
convenient room temperature-stable tablet, rather than by injection.
Vaxart believes that tableted vaccines are easier to distribute and
administer than injectable vaccines and have the potential to
significantly increase vaccination rates. Vaxart’s development programs
include oral tablet vaccines that are designed to protect against
norovirus, seasonal influenza and respiratory syncytial virus (RSV), as
well as a therapeutic vaccine for human papillomavirus (HPV).

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, included in this press release regarding
our strategy, prospects, plans and objectives, results from preclinical
and clinical trials, commercialization agreements and licenses, beliefs
and expectations of management are forward-looking statements. These
forward-looking statements may be accompanied by such words as
“believe,” “could,” “potential,” “will” and other words and terms of
similar meaning. Examples of such statements include, but are not
limited to, statements relating to the Vaxart’s ability to develop and
commercialize its product candidates and clinical results and trial
data; the expected timing of the initiation of the Phase 1 bivalent
study and Phase 2 monovalent challenge study; and Vaxart’s expectations
with respect to the advantages it believes its oral vaccine platform can
offer over injectable alternatives, particularly for mucosal pathogens
such as norovirus, flu and RSV. Vaxart may not actually achieve the
plans, carry out the intentions or meet the expectations or projections
disclosed in our forward-looking statements and you should not place
undue reliance on these forward-looking statements. Actual results or
events could differ materially from the plans, intentions, expectations
and projections disclosed in the forward-looking statements. Various
factors could cause actual results or events to differ materially from
these forward-looking statements, including Vaxart’s ability to raise
sufficient capital to fund the continued development of its product
candidates and complete its planned studies and trials, that Vaxart’s
product candidates may not be approved by the FDA or non-U.S. regulatory
authorities; that, even if approved by the FDA or non-U.S. regulatory
authorities, Vaxart’s product candidates may not achieve broad market
acceptance; that Vaxart may experience manufacturing issues and delays;
and other risks described in the “Risk Factors” sections of Vaxart’s
Quarterly and Annual Reports filed with the SEC. Vaxart does not assume
any obligation to update any forward-looking statements, except as
required by law.

Contacts

Carl Mauch
Stern Investor Relations
212-362-1200
[email protected]

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