Biopharmaceutical company VBI Vaccines Inc (Nasdaq:VBIV) revealed on Wednesday the launch of its public offering of common shares.

The company plans to provide the underwriters with a 30-day option to purchase up to an additional 15% of the number of common shares offered in the public offering.

Net proceeds from the proposed offering are planned to be used by the company to progress its pipeline programmes including the completion of the global CONSTANT Phase 3 lot-to-lot consistency study, regulatory submissions and pre-commercialisation activities for Sci-B-Vac, a trivalent hepatitis B vaccine, and for the continued clinical development of VBI-1901, a vaccine immunotherapeutic candidate for recurrent glioblastoma (GBM); VBI-2601, an immunotherapeutic candidate for chronic hepatitis B infection; and VBI-1501, a cytomegalovirus (CMV) vaccine candidate. Proceeds will also be used for general corporate purposes, including working capital and capital expenditures.

The offering is subject to market and other conditions, and VBI said there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Raymond James & Associates Inc and Oppenheimer & Co Inc are acting as joint book-running managers.