Taking a gamble on bird flu
Novavax raises $38 million, sees stock rise, after shifting focus to vaccine development
Originally published March 23, 2006
When Rahul Singhvi took over Novavax Inc. last August, the drugmaker had less than $5 million and was losing money on its biggest product. Within days he decided to bet on an experimental bird-flu vaccine.
The gamble is paying off for Novavax, which was based in Columbia until it moved to Malvern, Pa., in 2004, and still does much of its bird-flu work in Rockville. The company has raised $38 million after changing its focus and the stock has jumped eightfold since Singhvi, 41, became chief executive officer. Novavax's most recent financing included $12.5 million from Kleiner Perkins Caufield & Byers, the Silicon Valley venture capital firm that backed Google Inc. and Genentech Inc.
Novavax raises $38 million, sees stock rise, after shifting focus to vaccine development
Originally published March 23, 2006
When Rahul Singhvi took over Novavax Inc. last August, the drugmaker had less than $5 million and was losing money on its biggest product. Within days he decided to bet on an experimental bird-flu vaccine.
The gamble is paying off for Novavax, which was based in Columbia until it moved to Malvern, Pa., in 2004, and still does much of its bird-flu work in Rockville. The company has raised $38 million after changing its focus and the stock has jumped eightfold since Singhvi, 41, became chief executive officer. Novavax's most recent financing included $12.5 million from Kleiner Perkins Caufield & Byers, the Silicon Valley venture capital firm that backed Google Inc. and Genentech Inc.
posted by Faustus and FrankenKitty at 5:54 AM
0 Comments:
Post a Comment
<< Home