Key Takeaways
- Sector: Biotechnology & Life Sciences.
- Geography: Australia.
Analysis
Vaxxas, an Australian biotech company focusing on the development of high-density microarray patch (HD-MAP) for needle-free vaccine delivery, has announced its latest financing round of ~$90 million. The funding, one of the most significant for a private biotech company in Australia this year, includes $49.22 million in new Series D equity and $40 million in debt facilities, with further commitments under discussion.
SPRIM Global Investments, the venture arm of the global life sciences firm SPRIM, led the equity financing round. It also saw participation from new investor LGT Crestone and existing investors OneVentures and Brandon Capital-Hostplus. The funds will be used to accelerate the development and scale-up of Vaxxas' HD-MAP technology, including the installation of semi-automated manufacturing lines and later-stage clinical trial programs.
Vaxxas' needle-free vaccine delivery technology is a significant advancement in the field. It allows vaccines to be administered without the use of needles, which reduces the need for temperature control during storage and opens up the possibility of self-administration. This technology could potentially boost vaccine access and intake globally.
Sarah Meibusch, Chair of Vaxxas, hailed the capital raising as a great achievement given the challenging market conditions. She stated that the funding underscores the faith leading investors have in Vaxxas' disruptive technology and the progress the team has made towards scaling-up and commercialisation. The funding provides Vaxxas with a runway into the second half of 2027 as the company focuses on bringing its technology to market.
In addition to the Series D equity, Vaxxas has also secured a US$25.2 million (A$40 million) debt facility with SPRIM Global Investments. The company can draw down this facility 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.
Vaxxas also announced a leadership transition. Founding CEO David Hoey will assume a new role as Strategic Advisor, and the company is currently in an advanced search for a new CEO to speed up commercialisation. After 14 years as CEO, David Hoey and the Board believe this transition will strategically position the company for the coming years as it focuses on bringing the HD-MAP to market.
Paul Kelly, Vaxxas Chair since its inception in 2011, has retired from the Board. Fellow OneVentures representative Sarah Meibusch has been appointed Chair. Ms Meibusch, OneVentures Healthcare Partner, has been closely involved with Vaxxas for several years and has served as an alternate director since 2020.