Icosavax, Inc. announced a private placement of 32,958,612 Series B-1 Preferred Stock at a price of $2.82172 for gross proceeds of $92,999,974.65264 and 2,805,850 Series B-2 Preferred Stock at a price of $2.39846 for gross proceeds of $6,729,718.99100 and aggregate gross proceeds of $99,729,693.64364 on March 19, 2021. The company issued securities pursuant to exemption provided under Regulation D. The shares are convertible into common shares of the company at the original issue price. The preferred shares are entitled for non-cumulative dividend of 8% per annum, are non-redeemable and non-participating in nature.

The transaction involved participation from 36 investors including new investors, Janus Henderson Group plc, Perceptive Advisors LLC, Viking Global Investors LP, Cormorant Asset Management, LLC, Omega Fund Management, LLC, Citadel Multi-Strategy Equities Master Fund Ltd., a fund managed by Citadel Advisors LLC, and returning investors, including Qiming Venture Partners USA, Adams Street Partners, LLC, Sanofi Ventures, and NanoDimension Management Limited. As part of the transaction, Peter Kolchinsky will join the board of directors of the company. The round was raised at a post money valuation of $252,935,615.