Virax Biolabs Group Limited Announces Closing of $3.8 Million Private Placement
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.
- Raised approximately $3.8 million from the private placement.
- Funds will support the development of proprietary T-Cell Test technology.
- The offering involved selling securities not registered under the Securities Act, limiting resale options.
LONDON, Nov. 8, 2022 /PRNewswire/ -- Virax Biolabs Group Limited ("Virax" or the "Company") (Nasdaq: VRAX), an innovative biotechnology company focused on the prevention, detection, and diagnosis of viral diseases, announced today the closing of its previously announced private placement of 2,330,000 ordinary shares (or ordinary shares equivalents in lieu thereof) at a gross purchase price of
The gross proceeds from the private placement were approximately
Roth Capital Partners, LLC is acting as the exclusive placement agent for the offering.
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, Virax has agreed to file a resale registration statement covering the securities described above.
About Virax Biolabs Group Limited
Founded in 2013, Virax Biolabs Group Limited is an innovative diagnostics company focused on the prevention, detection and diagnosis of viral diseases, with a particular interest in the field of immunology.
In addition to distributing an array of viral test kits in unique geographies, Virax Biolabs Group Limited is currently developing a proprietary T-Cell Test technology with the intention of providing an immunology profiling platform that assesses each individual's immune risk profile against major global viral threats. T-Cell testing can be particularly effective in the diagnosis and therapeutics of COVID-19 as well as other threats including Monkeypox, Hepatitis B, Malaria, Herpes and Human Papillomavirus. For more information, please visit www.viraxbiolabs.com.
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
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SOURCE Virax Biolabs
FAQ
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