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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 appointed Richard Pallin as Vice President of In Vitro Diagnostic Sales. With nearly 25 years of experience in commercialization of novel technologies, Pallin aims to enhance the company's commercial capabilities and lead its sales strategy. Previously, he held senior roles at notable companies like Omixon and Genmark Diagnostics. This appointment is expected to strengthen Virax's position in the viral diagnostics market, particularly as the company develops a proprietary T-Cell Test technology targeting significant viral threats.
Virax Biolabs Group Limited (Nasdaq: VRAX) has successfully closed a private placement of 2,330,000 ordinary shares at $1.65 per share, raising approximately $3.8 million. In conjunction with this, the company issued warrants for 3,495,000 shares, with an exercise price of $1.73, exercisable in six months and expiring in five and a half years. Proceeds will support the development of the proprietary T-Cell Test technology, alongside general corporate purposes. Roth Capital Partners, LLC acted as the exclusive placement agent for this transaction.
Virax Biolabs Group Limited (Nasdaq: VRAX) announced a private placement to sell 2,330,000 shares at $1.65 per share, raising approximately $3.8 million before fees. In addition to the share sale, the company will issue warrants to purchase up to 3,495,000 shares at an exercise price of $1.73.
The net proceeds will fund the development of Virax's proprietary T-Cell Test technology and support working capital needs. The transaction is anticipated to close around November 8, 2022.
Virax Biolabs (Nasdaq: VRAX) announced the launch of its RSV-Influenza-COVID Triple Virus Antigen Rapid Test Kit for distribution in CE-mark markets, including the EU, in November 2022. This kit enables rapid detection of RSV, influenza, and COVID-19 within 15 minutes, enhancing at-home and point-of-care testing capabilities. RSV is notably a significant cause of hospitalization among infants and the elderly. The company's CEO, James Foster, emphasized its importance amidst rising infection rates in major economies.
Virax Biolabs Group Limited (Nasdaq: VRAX) announced the initiation of its Virax Immune COVID-19 Analytical Performance Study, scheduled for Q4 2022 to Q1 2023. The study aims to evaluate the technical performance of its Virax Immune COVID-19 Flow Cytometry Kit using specimens from 96 healthy volunteers. This proprietary T-Cell In-Vitro Diagnostic test technology seeks to assess individual immune risk profiles against viral threats, including COVID-19. The company plans to develop tests for other viruses, promoting affordability and scalability in diagnostics.
Virax Biolabs Group Limited (Nasdaq: VRAX) has entered an exclusive distribution agreement with Cosmos Holdings Inc. (Nasdaq: COSM) to market Monkeypox Virus Real-Time PCR Detection Kits in Greece and Cyprus, with non-exclusive distribution rights across Europe. This partnership aims to enhance rapid diagnosis and containment of the Monkeypox virus, a growing global health concern with over 61,000 confirmed cases reported in 104 countries as of September 16, 2022. Financial terms of the deal remain undisclosed.
Virax Biolabs (NASDAQ: VRAX) announced that CEO James Foster presented at H.C. Wainwright's 24th Annual Global Investment Conference in New York from September 12-14, 2022. The presentation is available on-demand. Virax is focused on innovative biotechnology solutions, particularly immunology profiling against viral diseases. The company is developing T-Cell Test technology for diagnosing and assessing immune risks related to COVID-19 and other viral threats like Monkeypox and Hepatitis B.
Virax Biolabs Group Limited (Nasdaq: VRAX), a biotech company focused on viral disease detection, announced that its CEO, James Foster, will present at H.C. Wainwright's 24th Annual Global Investment Conference from September 12-14, 2022, in New York, NY. The presentation will be available on-demand starting September 12 at 7:00 AM EST. Virax specializes in T-Cell Test technology for assessing immune risk profiles against major viral threats, including COVID-19 and Monkeypox. The company aims to enhance immunity profiling in viral disease management.
Virax Biolabs Group Limited (Nasdaq: VRAX) has launched its Monkeypox and Varicella-Zoster PCR Detection Kits, now available in Europe. This initiative follows the significant global Monkeypox outbreak, with over 6,000 confirmed cases as of July 4, 2022. The kits aim to provide rapid diagnosis of these viral infections, supporting timely treatment. CEO James Foster highlighted the importance of swift detection for public health, particularly in light of lessons learned from COVID-19. Virax continues to focus on innovative diagnostics, further expanding its product portfolio.
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