Virax Biolabs CEO Foster issues letter to shareholders

Virax Biolabs Group announced that James Foster, Chief Executive Officer of Virax, has issued a letter to shareholders that provides an update on recent events and an outlook for 2024. “As we close out 2023, I want to take this opportunity to share an exciting update on our advancements in broadening our focus on post viral syndromes and other conditions associated with chronic inflammation and T-Cell exhaustion. Earlier this year, Virax developed and launched a Research Use Only SARS-Cov-2 version of our ViraxImmune T-Cell Kit, leveraging Elispot technology… To further enhance the development of our ViraxImmune IVD platform, we are additionally leveraging FluoroSpot technology, which provides us with the ability to detect multiple analytes simultaneously. This allows us to assess the secretion of different cytokines or proteins from the same set of cells in a single assay, providing a more comprehensive view of immune responses… Our ViraxImmune IVD platform is also versatile as it isn’t confined to a single disease or condition and has the potential to address a wide spectrum of chronic syndromic diseases and post viral infections… In terms of progress, we have made substantial strides for our ViraxImmune FluoroSpot T-Cell assay development. Our internal procurement and distribution infrastructure continues to expand, ensuring future cost-effective delivery of immunological solutions. Our laboratory capabilities are now fully equipped operationally to handle current and future manufacturing processes, with scalability to potentially produce up to 200,000 kits annually. Our current ongoing collaborations with key research institutions will allow us to complete the development and performance studies of our Fluorospot assays. These collaborations will allow us to study clinical samples within the areas of interest to help refine our technology and establish its clinical validity. In 2024 we also expect to present key findings at major global scientific conferences as well as interact with regulatory bodies later in the year to help define the regulatory pathway to IVD approval…In October 2023, we received approximately $1.9 million from a warrant exercise. After fully funding the major equipment needed to build out the lab facility for preparation of future operations, our cash balance as of November 30, 2023 remained approximately $5.6 million. When taking into account the stock valuation, as of December 15, 2023, our stock is trading for only 57% of cash value… Looking ahead in the next 12 months, we eagerly anticipate substantial advancements in the development of our ViraxImmune FluoroSpot assays. We also look to continue expanding our distribution channels with ViraxClear & ViraxVet.”