Biopharmaceutical company Virax Biolabs Group Limited recently increased its initial public offering size as it applies for a Nasdaq Capital Market listing. The firm is now looking to raise US$6.75 million.
The offering consists of 1.35 million common shares, up from the previously announced 1.2 million, selling at US$5.00 per share. The company targets to trade on the Nasdaq market under the symbol “VRAX”.
Boustead Securities acts as the sole bookrunner for the said offering. The underwriters were granted a 45-day over-allotment option to purchase additional 202,500 shares at the same IPO price.
Net proceeds from the offering are expected to be used for research & development, obtaining product certification approvals, expanding staff & payroll, marketing & advertising, working capital, operating expenses, inventory purchases, and regulatory & compliance work.
The UK-based biotech company focuses on developing T-cell testing as a method to detect one’s risk to major global viral threats through immunology profiling. The firm recently received ethical approval for its current study involving its Virax Immune COVID-19 test kit that bases its detection of viral immunity on T-cells instead of antibodies like most other kits.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
