Virax Biolabs Group (VRAX) Prices 2.33M Share Private Placement at $1.65/sh

Virax Biolabs Group Limited (Nasdaq: VRAX), an innovative biotechnology company focused on the prevention, detection, and diagnosis of viral diseases, announced today that it has entered into a definitive agreement with a leading healthcare-focused institutional investor, pursuant to which the Company agreed to sell 2,330,000 shares of ordinary shares (or ordinary shares equivalents in lieu thereof) at a gross purchase price of $1.65 per share. Additionally, Virax has agreed to issue to the investor unregistered warrants to purchase up to 3,495,000 shares of ordinary shares (the "Ordinary Warrants"). The Ordinary Warrants have an exercise price of $1.73 per share, will become exercisable in six months after their date of issuance and will expire five and a half years from their date of issuance.

The gross proceeds from the private placement are expected to be approximately $3.8 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the private placement for the development and commercialization of its proprietary T-Cell Test technology as well as for working capital and other general corporate purposes. The private placement is expected to close on or about November 8, 2022, subject to the satisfaction of customary closing conditions.

Roth Capital Partners, LLC is acting as the exclusive placement agent for the offering.

The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, Virax has agreed to file a resale registration statement covering the securities described above.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

You May Also Be Interested In

• SmartStop announces ~$140M in investments, raises 2026 guidance
• JPM backs Bureau Veritas on growth recovery and M&A potential
• Propanc Biopharma plans Phase 1b cancer trial, posts $18.9M net loss