Shares of Novavax Inc fell 5 percent in pre-market trade Wednesday, a day after the vaccine maker said it planned to raise capital by selling its common shares.
The company said it agreed with Wm Smith & Co to sell a total of $10 million in gross proceeds of its stock.
Novavax shares have risen about 93 percent since the current H1N1 swine flu was declared a pandemic.
Shares of the company fell as much as 5 percent to $5.30 in pre-market trade. They closed at $5.58 Tuesday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Gopakumar