Under the terms of the agreement, Virax will issue 548,000 ordinary shares to investors. To facilitate this transaction, the company is also issuing new unregistered Series A and Series B preferred investment options, allowing for the purchase of up to 1,644,000 additional ordinary shares. These new warrants carry an exercise price of $6.00 per share and are subject to shareholder approval regarding an increase in the company's authorized ordinary shares.
In section Releases
Virax Biolabs Raises $3.3 Million Through Preferred Option Exercise
London-based biotechnology firm Virax Biolabs Group Limited has secured $3.3 million in gross proceeds by incentivizing the immediate exercise of existing preferred investment options. The company lowered the exercise price from $10.00 to $6.00 per share to fast-track the capital infusion, which is expected to close by July 10, 2026.
H.C. Wainwright & Co. is serving as the exclusive placement agent for the transaction. Virax, which specializes in T-cell immune profiling and diagnostic technologies for conditions like Long COVID, plans to allocate the net proceeds toward general corporate purposes and working capital. The offering is contingent upon customary closing conditions, with the company committing to file a registration statement for the resale of shares issuable upon the exercise of the new warrants.
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