Virax Biolabs Group Limited Announces Closing of $5 Million Private Placement

Core Viewpoint - Virax Biolabs Group Limited has successfully closed a private placement raising $5 million, which will extend its cash runway into the first half of 2028, supporting ongoing regulatory studies related to long COVID and other immune-related conditions [1][3]. Financial Details - The company sold 12,500,000 ordinary shares and preferred investment options at a combined price of $0.3999 per pre-funded warrant, with an exercise price of $0.0001 per share for the pre-funded warrants [2]. - The preferred investment options have an exercise price of $0.40 per ordinary share and are exercisable for five years from the effective date of the Initial Registration Statement [2]. Use of Proceeds - The net proceeds from the offering will be utilized for general working capital needs, allowing the company to continue its studies on post-acute sequelae of COVID-19 and post-acute infection syndrome [3]. Regulatory Compliance - The securities offered were part of a private placement exempt from registration under the Securities Act of 1933, and the company plans to file an Initial Registration Statement with the SEC for the resale of the ordinary shares [4]. Investment Options Adjustment - The company has agreed to reduce the exercise price of its outstanding Series A and Series B Preferred Investment Options from $2.934 to $0.40 per share and extend their term to the fifth anniversary of the effective date of the Initial Registration Statement [5]. Company Overview - Virax Biolabs Group Limited focuses on the detection of immune responses and diagnosis of viral diseases, developing T cell-based test technologies aimed at addressing chronic conditions linked to immune dysregulation, such as Long COVID [7].