Vaxxas announced raised $58.4 million (A$90 million) in a new financing round supporting its vaccine delivery technology.
The Brisbane, Australia-based company picked up about $32 million in new Series D equity and about $26 million in debt facilities. It also has additional commitments under discussion as it continues to attract investor interest. SPRIM Global Investments led the financing, while new investor LGT Crestone also contributed with strong participation. Existing investors One Ventures and Brandon Capital-Hostplus joined in, too.
Related: Avasa raises $2.8m pre-Series A for micro-artery coupling device
Vaxxas plans to use funds to accelerate the development and scale-up of its high-density microarray patch (HD-MAP) technology. The company designed its HD-MAP technology to use an ultra-high-density array of micro projections, invisible to the human eye. Applied to the skin as a patch, the system rapidly delivers vaccines to immune cells below the skin surface.
HD-MAP offers improved thermostability, potentially reducing the cost and complexity of cold-chain distribution and storage. It also potentially requires less training to administer and could even lead to self-administration.
Vaxxas expects to bring the technology toward market readiness. That includes installing semi-automated manufacturing lines and rolling out later-stage clinical trial programs.
“This result underscores the confidence that leading investors have in Vaxxas’ disruptive technology and the progress the team has made toward scaling-up and commercialization,” said Sarah Meibusch, Vaxxas chair. “Coupled with our sharp focus on commercialization, this funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market.”
