Novamax, the vaccine manufacturer, announced Tuesday that it is projecting to raise around USD82.6 million, less expenses, from the sale of shares of stock at a volume of 27.7 million.

The offered price for the share sale was at USD3.14 per share at close of markets last Monday. The bookrunners to the IPO would have an available 4.2 million shares for their purchases. The proceeds would also form part of the overall revenues of the sale.

The proceeds of the sale would be utilized for the development of its experimental vaccines. Such class of vaccines include those for seasonal and pandemic influenza as well as for the respiratory syncytial virus, the most common culprit for illnesses in the lower respiratory tract of infants and children.

The vaccines of the company were manufactured from genetically engineered particles that exhibit virus-like characteristics. 

On the business side, share prices increased by USD0.16 per share, an increase of 5.1% setting the price at USD3.30 morning trading. Since the announcement, the stock's value had increased by 66%.