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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 Group Limited (Nasdaq: VRAX) announced a distribution agreement for Marburg Virus PCR testing kits, enhancing its diagnostic product lineup. The Marburg Virus Real Time PCR Kit will utilize real-time PCR technology to detect RNA from the Marburg Virus, targeting markets that accept the CE mark. CEO James Foster emphasized the kit's significance in combating infectious diseases and improving global health. Marburg Virus Disease is marked by severe hemorrhagic fever, necessitating precise testing to ensure effective outcomes. In addition to this launch, Virax is developing proprietary T-Cell Test technology for profiling immune responses to various viral threats, including COVID-19 and Monkeypox.
On March 10, 2023, Virax Biolabs Group Limited (Nasdaq: VRAX) announced the successful closing of a private placement, raising approximately
Virax Biolabs Group Limited (NASDAQ: VRAX) announced a private placement agreement on March 8, 2023, for the sale of 3,843,309 ordinary shares and preferred investment options priced at $1.04077 per ordinary share. The Series A and B options, each with an exercise price of $0.80202, are exercisable for five and a half years. The gross proceeds from this placement are expected to be around $4 million, aimed at developing its proprietary T-Cell Test technology and for general corporate purposes. The placement is expected to close around March 10, 2023, and Virax plans to file a registration statement with the SEC by March 23, 2023.
Virax Biolabs Group Limited (Nasdaq: VRAX) announced a distribution agreement for an Avian Influenza A Virus (AIV) real-time PCR test kit in the European Union. This kit is designed for the detection of AIV and its subtypes, including the H5N1 strain currently affecting Europe. The test will enable healthcare professionals to accurately identify AIV infections, especially for those exposed to infected livestock. Virax's expansion of its ViraxClear distribution platform aims to address various viral threats, enhancing rapid intervention capabilities in high-risk areas.
Virax Biolabs Group Limited (Nasdaq: VRAX) has announced a Purchase Order with Cosmos Health (Nasdaq: COSM) to launch COVID-19 and Influenza A+B Antigen Combo Rapid Detection Kits. This follows their distribution agreement from September 2022, granting Cosmos exclusive rights in Greece and Cyprus, with potential for broader distribution across Europe. The rapid tests, designed for qualitative detection of viral antigens, provide results in just 15 minutes. The partnership aims to address significant health challenges posed by COVID-19 and influenza, which collectively account for millions of severe illnesses and deaths globally.
Virax Biolabs Group Limited (NASDAQ: VRAX) announced that Dr. Tomasz George and Cameron Shaw will present at the BIO CEO & Investor Conference on February 7, 2023, at 3:30 PM EST at the Marriott Marquis in New York. The presentation will cover recent developments, milestones, and ongoing clinical and business initiatives. The BIO CEO event is among the largest in the life sciences sector, celebrating its 25th year. Participants can schedule meetings through the BIO One-on-One Partnering system. Virax focuses on innovative diagnostics aimed at viral diseases, including COVID-19 and others, with their proprietary T-Cell Test technology in development.
On February 2, 2023, Virax Biolabs (Nasdaq: VRAX) released a letter from CEO James Foster updating shareholders on the company's progress and financial outlook. Highlighting recent achievements, the company emphasizes the development of the Virax Immune platform, a T-Cell diagnostics system designed to assess individual immune responses to viral threats, including COVID-19. ViraxClear further supports global distribution of various diagnostic tests. Financially, the company secured approximately $11.6 million in funding over the past six months and boasts a cash balance of $6.7 million as of January 2023, which is expected to support upcoming clinical trials and product launches.
Virax Biolabs (Nasdaq: VRAX) has announced the distribution of HPV test kits, set to ship in Q1 2023 to CE-mark-accepting markets like the EU. The kits test for 18 HPV genotypes, including high-risk type 53. CEO James Foster highlighted the opportunity to capture market share with a supply capability of 200,000 tests weekly. HPV is a leading cause of cervical cancer, responsible for around 33,000 cases and 15,000 deaths annually in the EU. This places Virax in a significant position to address a critical health issue.
Virax Biolabs Group Limited (Nasdaq: VRAX) has received Emergency Use Authorization (EUA) from the U.S. FDA for its Over-the-Counter COVID-19 Rapid Antigen Test. This milestone enables Virax to distribute the test in the U.S., with manufacturing capacity up to 2 million tests per day. The test aims to identify COVID-19 infections, boasting 98.8% sensitivity and 97.2% specificity. Additionally, Virax seeks approval for another antigen test in Canada. This comes amidst significant COVID-19 statistics, including 45 million cases and extensive testing in 2022, highlighting the ongoing demand for effective testing solutions.
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