Latest news with #ProjectNextGen
Yahoo
13-05-2025
- Business
- Yahoo
Vaxart Addresses Frequently Asked Questions on Reverse Stock Split Proposal in Definitive Proxy Statement
Company Urges Stockholders to Vote FOR Reverse Stock Split Proposal at Upcoming Annual Meeting to Avoid Nasdaq Delisting SOUTH SAN FRANCISCO, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) today addresses frequently asked stockholder questions regarding a reverse stock split proposal at the Company's Annual Meeting taking place on Wednesday, May 21, 2025, to regain Nasdaq compliance. 1) Why is Vaxart proposing a reverse stock split? a. Vaxart is at risk of being delisted from Nasdaq since the Company's share price is not in compliance with their minimum $1.00 bid price requirement. A reverse split of the Company's common stock enables Vaxart to regain compliance and helps to ensure that the Company's common stock can remain listed on Nasdaq. 2) Will the Reverse Stock Split change the value of my investment? a. No. The reverse stock split does not impact the aggregate value of a stockholder's investment or percentage ownership interest in the Company, except with respect to the treatment of fractional shares. Stockholders will own fewer shares at an anticipated higher price per share. 3) Will the Reverse Stock Split cause dilution in Vaxart's stock? a. No. The reverse split only causes a change for all issued shares of Vaxart's common stock uniformly. 4) Why is the proposed Reverse Stock Split ratio of not less than 1-for-5 and not more than 1-for-50 so wide? a. Since the closing per share stock price was $0.42 as of Friday, May 9, 2025, the Company has no present intention of effecting a reverse stock split as high as 1:50. The board of directors intends to select a ratio for the reverse stock split only high enough as it deems necessary to resolve the Nasdaq deficiency. Of course, Vaxart prefers the requirement to be satisfied through appreciation of Vaxart's stock price and, if our stock closes above $1.00 in the timeframe required and continues trading above $1.00, the board of directors may decide not to effect the reverse stock split even if it has been approved. 5) Can Vaxart institute a share repurchase program instead? a. Since we are not currently a profitable company, we believe that instituting a share repurchase program would not be a prudent use of capital at this time. Funds from the Project NextGen award are directly used only for costs related to our Phase 2b COVID-19 clinical trial. 6) Can the Company continue trading on Nasdaq without executing a reverse stock split? a. It is unlikely that the Company will continue trading on Nasdaq without a reverse stock split unless there is a sudden change in the stock price above $1.00 to regain compliance. 7) What are the anticipated benefits of the reverse stock split for Vaxart and its stockholders? a. There are many benefits of the reverse stock split: 1) It is anticipated to maintain our Nasdaq listing, which is the primary driver behind the proposed reverse stock split; 2) It potentially increases our market visibility that may broaden our investor appeal; and 3) It potentially enhances our long-term value since the result will likely increase trading volume and facilitate future financing opportunities, which are critical to advancing our important work. 8) Have any independent proxy advisory firms weighed in on the reverse stock split proposal? a. Yes. In addition to Vaxart's board of directors unanimously recommending stockholders vote 'FOR' the reverse stock split proposal, both of the leading independent proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, recommend Vaxart's stockholders support this important proposal. In making their recommendations, ISS and Glass Lewis cite the current risk of Vaxart being delisted from Nasdaq. 9) Are there other options to increase the share price? a. Yes. We continue to pursue numerous options to enhance stockholder value, but currently a reverse stock split is often the most direct and immediate way to address low share price issues and meet listing requirements. Organic price appreciation depends on, among other things, positive clinical trial results, regulatory progress, and market sentiment, which can be less predictable and take more time. A reverse stock split provides us with a necessary foundation to attract a wider investor base and potentially benefit from future positive developments. 10) Will the reverse stock split change the fundamental value of Vaxart? a. No. A reverse stock split is a numerical adjustment to the number of outstanding shares and, consequently, the price per share. It does not inherently change the underlying business operations, assets, or potential of Vaxart. For example, if you own 100 shares at $1.00 each (total value $100) and there is a 1-for-10 reverse stock split, you would own 10 shares at an anticipated $10.00 each (still a total value of $100), excluding any potential market reactions. The goal is to create a share price that maintains our Nasdaq listing, makes us more attractive to a broader range of investors, and positions us for future growth. 11) Would Vaxart be better off trading on the OTC? a. No. If our common stock is delisted from Nasdaq, this could adversely affect the value of the securities that you hold and our trading volume, making it more difficult to buy and sell our securities. Trading on the OTC means significantly lower visibility, limiting our access to the larger pool of capital available on major exchanges. Crucially, many institutional investors have mandates that restrict or outright prohibit them from investing in OTC-listed companies due to the perceived higher risk, lower liquidity, and less stringent regulatory requirements. Furthermore, we anticipate that a delisting could lead to a cessation of research coverage by financial analysts. This lack of research coverage would reduce market visibility and potentially negatively impact investor sentiment and understanding of our value proposition. 12) How does the reverse stock split fit into the Company's overall strategy? a. A reverse stock split is not an option that Vaxart prefers; however, we believe it is in the best interest of the Company and stockholders to maintain our Nasdaq listing. Maintaining our listing on Nasdaq listing is essential in supporting the Company's overall strategy of progressing its clinical stage programs for COVID-19 and norovirus while continuing to advance its promising preclinical pipeline. 13) Does management stand to benefit from stockholders approving the reverse stock split? a. No. Management equity is adjusted accordingly. In fact, management has also suffered losses related to the Company's share price decline. 14) Will Vaxart pursue non-dilutive funding or partnership options? a. Vaxart has already obtained significant non-dilutive funding in the form of its BARDA award as well as a smaller award from the Gates Foundation. Vaxart will continue to explore both business development partnerships and non-dilutive funding options. While the Company has held many productive meetings to date, more time and/or more data is needed to advance these discussions further. 15) Can I change my vote after submitting my proxy? a. Stockholders may change their vote at any time prior to the meeting. Your latest proxy card or other proxy is the one that is counted. If your shares are held by your broker or bank as a nominee or agent, you should follow the instructions provided by your broker or bank. Refer to the proxy statement for the annual meeting for additional details. If you have any questions or need assistance with voting, please contact Vaxart's proxy solicitation firm: Campaign Management, LLCToll-Free: 1-855-264-1527Email: info@ About Vaxart Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart's development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart's first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists. Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), which are subject to the 'safe harbor' created by those sections, concerning our business, operations, and financial performance and condition as well as our plans, objectives, and expectations for business operations, funding, financial performance and condition, and regaining compliance with the Nasdaq minimum bid price requirement. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. You can identify these statements by words such as 'anticipate,' 'assume,' 'believe,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'should,' 'will,' 'would,' and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which we operate and management's beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this press release may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described under 'Item 1A - Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024 and any risk factors disclosed in any subsequent Quarterly Reports on Form 10-Q. You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the date of this press release. Unless required by law, we do not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this press release. Participants in the SolicitationThe Company and its directors, executive officers, and certain employees and other persons may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the business to be conducted at the annual meeting of stockholders. Investors and security holders may obtain more detailed information regarding the names, affiliations, and interests of the Company's directors and executive officers in the definitive proxy statement filed in connection with the annual meeting of stockholders as well as the Company's other filings with the U.S. Securities and Exchange Commission (the 'SEC'), all of which may be obtained free of charge at the website maintained by the SEC at ContactVaxart Media and Investor Relations Matt SteinbergFINN PartnersIR@ 871-8481
Epoch Times
01-05-2025
- Health
- Epoch Times
Health Officials Announce New Effort to Develop Universal Vaccines Targeting Multiple Virus Strains
Federal health officials on May 1 announced a new effort to develop vaccines targeting a range of viruses, including the virus that causes COVID-19. The Generation Gold Standard project will fund the National Institutes of Health (NIH) development of 'universal influenza and coronavirus vaccines' that 'aim to provide broad-spectrum protection against multiple strains of pandemic-prone viruses,' including the avian influenza—commonly known as the bird flu—and SARS-CoV-2, or the virus that causes COVID-19, the NIH and its parent agency The budget of the new project has not been disclosed. Officials said that it was being promoted over Project NextGen, a $5 billion initiative started in 2023 under the previous administration that focused primarily on COVID-19. 'It delivers a cost-effective, accountable alternative to the Biden administration's wasteful Project NextGen, which spent $1.63 billion on COVID-19 vaccines and $1.19 billion on therapeutics, neglecting broader pandemic preparedness,' a spokesperson for the Department of Health and Human Services (HHS), the NIH's parent agency, told The Epoch Times in an email. One of the NIH's vaccine candidates, BPL-1357, performed well in a phase one safety study, the NIH's principal deputy director, Dr. Matthew Memoli, and other researchers BPL-1357, an intranasal vaccine billed as providing protection against a number of influenza A viruses, is being tested in clinical trials and is on track for regulatory approval by 2029, officials said. Related Stories 4/18/2025 5/1/2025 Another candidate, BPL-24910, has been tested for toxicity, according to The platform from which the vaccines come is fully owned by the government, which 'ensures radical transparency, public accountability, and freedom from commercial conflicts of interest,' health officials said. They also said that vaccines could eventually be developed with the platform against several other viruses, including the respiratory syncytial virus, or RSV. 'Our commitment is clear: every innovation in vaccine development must be grounded in gold standard science and transparency, and subjected to the highest standards of safety and efficacy testing,' Health Secretary Robert F. Kennedy Jr. said in a statement. NIH Director Dr. Jay Bhattacharya added: 'Generation Gold Standard is a paradigm shift. 'It extends vaccine protection beyond strain-specific limits and prepares for flu viral threats—not just today's, but tomorrow's as well—using traditional vaccine technology brought into the 21st century.' Officials had Some companies, including Moderna, have been working on vaccines that target both COVID-19 and the flu, but none have been submitted for approval. Project NextGen provided funding for multiple companies to develop new COVID-19 vaccines, in addition to funding for new treatments and other measures that could help with future COVID-19 outbreaks. HHS stopped distributing funding to Vaxart and Geovax, which are developing COVID-19 vaccines under Project NextGen, although it recently lifted the stop-work order for Vaxart's study.
CBS News
01-05-2025
- Health
- CBS News
HHS redirects $500 million to Trump appointee's vaccine project, bypassing reviews
The Department of Health and Human Services has transferred $500 million from research into next-generation COVID-19 vaccines, redirecting the money to a single vaccine project linked to the Trump administration's former acting head of the National Institutes of Health. Multiple federal health officials said they were surprised by the announcement, which bypassed the usual procedures overseen by career scientists at the NIH and the Biomedical Advanced Research and Development Authority, known as BARDA. Those reviews are intended to ensure that federal research money goes to the projects with the greatest scientific merit. The HHS says the initiative, dubbed "Generation Gold Standard," aims to start clinical trials next year for universal influenza vaccines that could protect against any strain of the virus. It hopes to get a vaccine approved by the Food and Drug Administration by 2029. All of the money is being transferred to an influenza vaccine project called beta-propiolactone or BPL, according to emails seen by CBS News. Two officials said the decision to pour $500 million into a single vaccine platform is unusual, given the limited data on it. The transfer makes it effectively one of the largest awards to date from a BARDA effort to speed funding to new experimental vaccines and treatments, topping a previous award of $452 million to a company developing an experimental oral COVID-19 vaccine. An HHS spokesperson told CBS News that "decision-making for project Generation Gold Standard was a collaborative process, between leaders of HHS, in an effort to direct funding for a BPL vaccine for all influenza threats, not just one." The Wall Street Journal previously reported news of the project. The vaccine underwent testing for safety results earlier this year in a small study led by NIH researchers Dr. Matthew Memoli and Dr. Jeffery Taubenberger. The research was what scientists call a Phase 1 study, the first step to researching a potential vaccine in humans. Memoli had served as the acting head of the NIH during a controversial transition in recent months, overseeing Trump administration directives like steep cuts to research funding and the medical research agency's staff and leadership. Taubenberger, who holds a patent for the BPL vaccine platform, was picked to be the acting head of the National Institute of Allergy and Infectious Diseases, or NIAID, after the institute's previous director was ousted. BARDA and NIH officials were ordered to redirect the money to Memoli's research by Noah Miller, a special assistant hired by Health and Human Services Secretary Robert F. Kennedy Jr., according to emails seen by CBS News. Two officials said it was unusual for a political appointee to handpick a project or researcher to be funded without vetting from career scientists or outside review. The money is coming from the "Project NextGen" initiative, a $5 billion effort launched under the Biden administration that had previously funded multiple research projects into studying potential COVID-19 vaccines and treatments. The NIH had previously awarded $62.4 million in grant money to researchers at seven universities working on "pan-coronavirus" vaccines. From BARDA, the department had also backed four vaccine makers going into larger Phase 2B clinical trials to study experimental COVID-19 vaccines, in awards totaling $551 million. Those followed requests by the NIH and BARDA for researchers and vaccine companies to submit proposals for backing from the federal government. Another HHS spokesperson, Vianca Rodriguez Feliciano, said in an email that the department's new initiative "realigns BARDA with its core mission: preparing for all flu viral pathogens, not just COVID-19." "It delivers a cost-effective, accountable alternative to the Biden administration's wasteful Project NextGen, which spent $1.63 billion on COVID-19 vaccines and $1.19 billion on therapeutics, neglecting broader pandemic preparedness," Feliciano said. In its release, the department described the decision as a "decisive shift toward transparency, effectiveness, and comprehensive preparedness," by focusing on "in-house development" of vaccines instead of projects from outside researchers. It is also planning to develop other vaccines for COVID-19 using BPL, which it calls "traditional vaccine technology brought into the 21st century." "Our commitment is clear: every innovation in vaccine development must be grounded in gold standard science and transparency, and subjected to the highest standards of safety and efficacy testing," Kennedy said.
Yahoo
16-04-2025
- Business
- Yahoo
GeoVax Labs price target lowered to $14 from $18 at D. Boral Capital
D. Boral Capital lowered the firm's price target on GeoVax Labs (GOVX) to $14 from $18 and keeps a Buy rating on the shares. GeoVax has encountered a significant challenge following the termination of its BARDA-funded Phase 2b clinical trial for the GEO-CM04S1 COVID-19 vaccine, the firm says. This decision, made for the government's convenience, halts a pivotal study that was set to evaluate GEO-CM04S1 against an approved mRNA vaccine in a 10,000-participant trial under Project NextGen. The abrupt termination raises concerns about the future trajectory of GeoVax's vaccine development efforts and its financial implications, says D. Boral Capital. The firm has removed all BARDA revenues and stockpile awards that were in its model. Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on GOVX: Disclaimer & DisclosureReport an Issue GeoVax Labs price target lowered to $8.50 from $15 at Alliance Global Partners GeoVax Labs Faces Contract Termination for COVID-19 Vaccine RFK Jr. vaccine comments bode well for GeoVax, says Roth Capital GeoVax Labs Advances Vaccine Trials and Expands Operations GeoVax Labs Earnings Call: Mixed Sentiments and Strategic Plans Sign in to access your portfolio
Yahoo
19-03-2025
- Business
- Yahoo
Topeka leaders help fund local sports complex expand
TOPEKA (KSNT) – Topeka leaders unanimously decide to allocate tax dollars to improve a local sports complex. The Sunflower Sports Association will receive a one-time payment of $450,000 to fund its latest project, Project NextGen. In Tuesday's city council meeting, Topeka leaders decided to give the organization money from the Transient Guest Tax Fund. The Sunflower Sports Association is allocated 1% of that money from the City of Topeka. District 9 Councilwoman Michelle Hoferer said this complex will help drive economic growth in the capital city. 'Transient gas tax was set up to help drive economic development, which could bring more people in to have people stay in hotels, even restaurants,' Hoferer said. 'And the sports complex is one of those ways that we can get more people in in the money and generate it multiplies, and it helps. Sales tax increases, people staying in hotels pay money into the Transient Guest Tax and that comes back to us again. And it helps build up simpler sports even more and the other groups that it supports.' Project NextGen is a five-year expansion project to upgrade the Sunflower Sports Complex by adding more fields and new playing surfaces like turf, natural grass and a hybrid turf. Removal of Gage Park playground equipment begins in Topeka Along with upgrading the sporting facilities, TJ McDonald, Executive Director of the Sunflower Sports Association told 27 News the goal is to provide a space for other community events. 'They've [Topeka City Council] all been very, very supportive of what we're doing,' McDonald said. 'We've we haven't heard any negative responses from the council. So I appreciate everything that they have done in order to get things set up for us to be successful and actually be at the table to receive these transit tax funds.' With this approval McDonald said the organization is going to move forward with 'phase one' of the project, installing lights to the turf fields and parking lots. If all goes as planned, that phase will be complete by October 2025. For more local news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
