Novavax -11.6% AH after announcing $100M stock offering

|By:, SA News Editor

Novavax (NVAX) says it'll use the offering's proceeds for "general corporate purposes, the advancement of its clinical-stage vaccine candidates and its preclinical research programs, manufacturing and process development activities, capital expenditures and other strategic purposes."

The drug developer had $110.3M in cash at the end of Q1, and less than $2M in debt. 2013 free cash flow was -$51M.