8
More Money
A SECOND, LESS-NOTICED PIECE OF THE NEWS CAME OUT OF Moderna on the same day it announced the positive results in its Phase 1 trial, in the middle of May 2020. That evening, the company staged another secondary offering of its shares, capitalizing on the price surge that followed the vaccine news in the morning. With this new offering at $76 per share, the company raised another $1.3 billion.1
For CEO Stéphane Bancel, the stock sale in May 2020 was born of necessity. It followed weeks of trying to raise money from other sources, an uncertain drama that played out in parallel to the scientific one with the human trials.
While the world looked for hope from Moderna’s vaccine effort, Bancel knew, to his frustration, that he had not ...
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