Novavax Inc., of Rockville, a drug delivery company developing vaccines to protect against H5N1 pandemic influenza, seasonal flu and other viral diseases, announced it will sell more than 6.6 million units, consisting of shares of common stock and warrants to purchase shares, to certain current and new institutional shareholders and affiliates, at a price of $2.68 per unit. Novavax said it expects to net $17.6 million, after expenses, to be used for vaccine development, research and development programs, working capital and other purposes.

Research funds for ImQuest

ImQuest BioSciences, of Frederick, a developer of novel therapeutic agents for the treatment of infectious diseases and cancer, announced it will receive a two-year grant from the National Institute of Allergy and Infectious Disease to support the development of a therapeutic gel product that can be topically applied by women to prevent the sexual transmission of HIV. ImQuest said the grant will pay for research to enable scientists to evaluate and define the most potent candidate for advanced preclinical and clinical development.

FiOS coming to Rockville

Verizon said it expects to begin construction in the fall of an all-fiber network in Rockville that will carry its high-speed FiOS TV and Internet services to city households and businesses, following a vote Monday by the Rockville City Council authorizing Verizon to offer the fiber-optic service. Verizon said approximately 23,000 households will be able to receive FiOS within two years. Montgomery County awarded Verizon a 15-year franchise agreement in December 2006. Verizon currently offers FiOS to more than 138,000 households in Montgomery County.

Choice sees lower profit

Choice Hotels International Inc., of Silver Spring, a hotel franchise chain, said second-quarter earnings fell 6 percent due to a hefty charge related to speeding the transition of its new chief executive. Net income was $27 million, or 43 cents per diluted share, versus $28.6 million, or 43 cents per share, in the second quarter of 2007. Excluding the 6-cent per share one-time charge, earnings per share in this year's second quarter totaled 49 cents. The company also had roughly 6 percent fewer outstanding shares in this year's quarter. Revenue rose 7 percent to $167.1 million, from $156.5 million in the prior year. Analysts surveyed by Thomson Financial forecast earnings of 47 cents per share on revenue of $164.2 million.

Hybrid users get a break

Towson University is offering a 50 percent discount on campus parking permits for students and staff members who drive hybrid vehicles. The year-round, all-day permit for students normally costs $240. Permit fees for faculty and staff members vary. The incentive is one of several environmentally friendly commuting initiatives at the university.