Virax Biolabs announces $4M private placement priced at the market

Virax Biolabs announced that it has entered into definitive agreements for the purchase and sale of 3,843,309 ordinary shares, Series A preferred investment options to purchase up to an aggregate of 3,497,412 ordinary shares and Series B preferred investment options to purchase up to an aggregate of 3,843,309 ordinary shares at a purchase price of $1.04077 per ordinary share and associated preferred investment options in a private placement priced at the market under Nasdaq rules. The Series A preferred investment options have an exercise price of $0.80202 per ordinary share and will be exercisable immediately upon issuance for a period of five and a half years from the date of issuance. The Series B preferred investment options have an exercise price of $0.80202 per ordinary share and will be exercisable immediately upon issuance for a period of five and a half years from the date of issuance. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds from the private placement are expected to be approximately $4M, 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 March 10, subject to the satisfaction of customary closing conditions.