Vaxxas, a biotechnology company, has secured almost $90 million in new funding to accelerate the commercialisation of its high-density microarray patch (HD-MAP) for needle-free vaccine delivery.
This is said to be a “major advance” in vaccine delivery, enabling needle-free administration that reduces temperature control requirements for vaccine storage and creates opportunities for self-administration in the home.
Largest financing for a biotech company
The latest financing, which is said to be one of the largest financings for a private biotech company in Australia, includes $49.22 million in new Series D equity and $40 million in debt facilities.
Further commitments are reportedly under discussion as the company continues to attract investor interest.
‘An excellent achievement’
Chair of Vaxxas, Sarah Meibusch, says the capital raising represents an excellent achievement in a very difficult market for biotech.
“This result underscores the confidence that leading investors have in Vaxxas’ disruptive technology and the progress the team has made toward scaling-up and commercialisation,” she says.
“Coupled with our sharp focus on commercialisation, this funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market.”
Investors
SPRIM Global Investments reportedly led the equity financing with strong participation from new investor LGT Crestone as well as existing investors OneVentures and Brandon Capital-Hostplus.
In addition to the Series D equity, Vaxxas has entered into a US$25.2 million (A$40 million) debt facility with SPRIM Global Investments, which the company can draw down based on eligible R&D activity under the Australian Government’s R&D tax rebate scheme and in line with the Company’s R&D needs.
‘Potential to transform vaccine delivery’
Michael Shleifer, Co-Founder and Managing Partner of SPRIM Global Investments, says the company is proud to lead the financing and to support the company, calling this an “exciting juncture”.
“We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake,” he says.
“The commercial opportunity is enormous, and we look forward to partnering with the team as they advance toward market.”
