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Virax Biolabs Group Limited (NASDAQ: VRAX) is a pioneering biotechnology company dedicated to the prevention, detection, diagnosis, and risk management of viral diseases. Established in 2013, the company is at the forefront of innovative diagnostics, particularly with its proprietary T-Cell Test technology. This technology aims to provide an immunology profiling platform that assesses individual immune risk profiles against global viral threats.
Specializing in the diagnosis and monitoring of immune responses, Virax Biolabs is developing a groundbreaking T-Cell Test that is particularly effective in diagnosing and providing therapeutic insights for COVID-19, Hepatitis B, Malaria, Herpes, and Human Papillomavirus, among others. The company also distributes a variety of in-vitro diagnostic test kits, enhancing its role in combating various viral threats.
Virax's recent achievements reflect its commitment to advancing healthcare solutions. The company has launched two state-of-the-art research and laboratory facilities in the United Kingdom, located within Scale Space at Imperial College London and BioCity Glasgow. These laboratories are crucial for the initial launch and development of ViraxImmune™, a platform aimed at providing accurate and personalized healthcare solutions.
Moreover, Virax has announced an early access program for its proprietary SARS-Cov-2 ViraxImmune T-cell-based test, aimed at advancing immune assessment. This test is designed to analyze immune responses at the cellular level, providing high-resolution insights that are vital for understanding individual immune profiles.
The company is also focused on addressing post-viral syndromes, including Long COVID, and conditions associated with chronic inflammation and T-Cell exhaustion. Virax is leveraging FluoroSpot technology to detect multiple analytes simultaneously, offering a comprehensive view of immune responses and aiding in the diagnosis and management of chronic conditions.
Financially, Virax Biolabs remains robust, recently securing significant funding and maintaining a healthy cash balance. The company has also received approval for a 180-day extension to meet the minimum bid price requirement by Nasdaq, which underscores its commitment to maintaining its listing and investor trust.
In collaboration with notable research institutions like the University of Manchester, Virax is advancing its T-Cell diagnostic capabilities. These collaborations aim to broaden the understanding of immune responses, particularly in respiratory viral infections and Long COVID, further cementing Virax's role as a leader in immune health diagnostics.
Virax Biolabs (NASDAQ: VRAX) has issued a shareholder letter outlining achievements and plans. The company launched ImmuneSelect, a research-use-only version of their ViraxImmune™ platform, and expanded distribution partnerships in Europe. A clinical study (NCT06731179) in the UK will assess ViraxImmune™'s performance in detecting T-cell dysfunction, with first patient dosing expected in Q1 2025.
Financial highlights include R&D acceleration, with lab area tripled and equipment doubled to $1.1M. The company raised approximately $5.9M through warrant exercise and stock transactions. As of September 30, 2024, cash balance was $7.3M with $6.6M working capital and no long-term debt.
2025 priorities include advancing clinical validation studies, initiating FDA interactions, expanding ImmuneSelect distribution to U.S. markets, and starting protective immunity IVD clinical performance studies.
Virax Biolabs (NASDAQ: VRAX) has signed a non-exclusive distribution agreement with French company Tebubio to distribute its ImmuneSelect Research Use portfolio across the European Union, Norway, and Switzerland. The partnership aims to increase accessibility of ImmuneSelect for life science institutions throughout Europe.
Tebubio's established distribution networks and relationships across Europe will facilitate broader access to ImmuneSelect for research purposes. The collaboration represents a strategic expansion of Virax's immune profiling technology in the European market.
Virax Biolabs (NASDAQ: VRAX) has signed a distribution agreement with Europa Biosite to commercialize its ImmuneSelect Research Use portfolio in the United Kingdom and Ireland through Cambridge Bioscience subsidiary. The partnership aims to expand Virax's commercial presence in these markets, making ImmuneSelect's immune profiling solutions accessible to researchers and pharmaceutical companies studying T cell response and immune status. Europa Biosite will provide local technical support and leverage its commercial infrastructure for product delivery.
Virax Biolabs Group (NASDAQ: VRAX) has extended its exclusive distribution agreement with Cosmos Health Inc. (Nasdaq: COSM) to market Mpox Virus Real-Time PCR Detection Kits in Gulf Cooperation Council (GCC) countries. This expansion follows their existing agreement for Greece, Cyprus, and non-exclusive distribution in Europe. The CE-marked and MHRA-authorized kits boast a 96.7% sensitivity and 93.72% specificity, delivering results in under 70 minutes.
The agreement allows Cosmos to import, sell, and distribute Virax-branded Mpox virus Nucleic Acid Detection Kits in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Both companies express excitement about the partnership, with Virax CEO James Foster highlighting the expanded geographic reach and Cosmos CEO Greg Siokas noting the continued strong demand for Mpox virus detection kits.
Virax Biolabs (NASDAQ: VRAX), a biotechnology company specializing in viral disease detection and immune response diagnosis, announced its participation in H.C. Wainwright's 26th Annual Global Investment Conference in New York, NY. The company's Chief Operating Officer, Dr. Nigel McCracken, is presenting at the conference, which runs from September 9-11, 2024 at the Lotte New York Palace Hotel. A pre-recorded, on-demand presentation is now available for viewing.
Virax management is also offering one-on-one meetings during the conference for interested parties. The presentation can be accessed through the company's investor relations website.
Virax Biolabs Group (VRAX) has announced its participation in the 7th European Congress of Immunology (ECI) from September 1-4, 2024, in Dublin, Ireland. The company will showcase its immune profiling products for research use at Booth C13. Management will be available for discussions with research organizations and potential customers.
The ECI is a prestigious triennial event organized by the European Federation of Immunological Societies (EFIS), attracting over 3,000 delegates in the field of basic and clinical immunology. This year's congress theme is 'Conquering challenges with Immunology', highlighting the importance of immunological research in addressing current health challenges.
Virax Biolabs Group (NASDAQ: VRAX) has announced a distribution agreement for Mpox virus RT-PCR detection kits in 13 European countries and Gulf Cooperation Council (GCC) nations. The kits, which are CE-marked and authorized by the UK's MHRA, offer a sensitivity of 96.7% and specificity of 93.72%, delivering results in under 70 minutes.
CEO James Foster emphasized the company's commitment to providing healthcare professionals with tools to diagnose and mitigate Mpox spread. The agreement allows Virax to import, sell, and distribute Virax-branded Mpox virus Nucleic Acid Detection Kits in key European markets and GCC countries. Interested parties can contact Virax through their website for the Early Release Partnership Program (ERPP).
Virax Biolabs Group (Nasdaq: VRAX), a biotechnology company focused on viral disease detection, has closed a $5 million registered direct offering of ordinary shares. The company sold 1,108,892 ordinary shares at $4.50 per share. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds of approximately $5 million will be used for working capital and general corporate purposes. The offering was conducted under a previously filed and effective shelf registration statement. A final prospectus supplement and accompanying base prospectus are available on the SEC's website.
Virax Biolabs Group (Nasdaq: VRAX), a biotechnology company focusing on immune response detection and viral disease diagnostics, announced a $5 million registered direct offering of 1,108,892 ordinary shares at $4.50 per share.
H.C. Wainwright & Co. is the exclusive placement agent. The offering is set to close around August 23, 2024, pending customary conditions.
Gross proceeds are estimated at $5 million, before placement fees and expenses. Net proceeds are intended for working capital and general corporate purposes.
The offering is conducted under a shelf registration statement (Form F-3, Registration No. 333-275893), previously filed with the SEC and declared effective on December 15, 2023. A final prospectus supplement and the base prospectus will be filed and made available on the SEC website.
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