Virax raises $3.7 million in placement
Friday, 26 March, 2004
Virax (ASX: VHL) announced this week that it had raised AUD$3.7 million through a placement to institutional and professional investors.
"It's an important step for us -- as we move ahead we need to get more institutional representation," CEO Dr David Beames told Australian Biotechnology News.
He estimated that the funds would carry Virax through to the second half of 2005.
"It's about two-thirds of the funds we want to raise this year. [Raising] the balance of the proposed funding we would expect to contemplate later this year, when we have a better valuation," Beames said.
The funds will be used to support development programs for prostate cancer and hepatitis B, as well as general and production costs, he said.
Virax is also seeking non-equity funding from international government and foundation grants to support a larger Phase II trial for its HIV vaccine VIR201.
Burdett Buckeridge Young and Alchemy Corporate Advisors managed the placement, which did not require shareholder approval.
Frequent nightmares accelerate aging, increase risk of death
Nghtmares independently predict faster biological aging and earlier mortality — even after...
Cardiac organoids bring hope for treating heart disease
Australian scientists have developed lab-grown, three-dimensional heart tissues known as cardiac...
Indigenous-led initiative to resurrect the South Island Giant Moa
New Zealand's Ngāi Tahu Research Centre has partnered with Colossal Biosciences and Sir Peter...
