Vaxxas raises $90m in funding round

Australian biotechnology company Vaxxas has secured about $90 million in its latest funding round to progress work on its needle-free vaccine delivery technology.

In Vaxxas’ words, it produces high-density microarray patches designed with thousands of microscopic projections, each ‘printed’ with a small dose of vaccine in a dried formulation.

When applied, a patch delivers the vaccine to immune cells that naturally reside immediately below the surface of the skin – in a way Vaxxas says could be more stable at higher temperatures than liquid formulations, and which could potentially be self-administered at home.

Vaxxas says it will use the funding, which includes $49.2 million in Series D Equity and another $40 million in debt facilities, to help make its patch technology market ready, including installation of semi-automated manufacturing lines and later-stage clinical trial programs.

Company chair Sarah Meibusch, who replaced previous chair Paul Kelly following his retirement, says the capital raising was an excellent achievement in what was a “very difficult market for biotech”.

“Coupled with our sharp focus on commercialisation, this funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market.”

The equity financing round was led by SPRIM Global Investments, the venture arm of life sciences firm SPRIM, with support from investors OneVentures, Brandon Capital-Hostplus and new investor LGT Crestone.

Co-Founder and managing partner of SPRIM Global Investments Michael Shleifer says the company is proud to support Vaxxas.

“We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake. The commercial opportunity is enormous, and we look forward to partnering with the team as they advance toward market.”

The news comes as Vaxxas continues its search for a new chief executive, after current CEO David Hoey announced a plan to transition to a new role as a Strategic Advisor.

Meibusch underlined the company’s gratitude to Hoey for his work, saying the move reflected the company’s move to scale to reach global markets.

“David and the Vaxxas team have grown the company from a spinout from The University of Queensland into a company with strong technical and operational capabilities and established a world-class development and manufacturing facility,” she says.

“David’s continued involvement as advisor and committed shareholder will help ensure a smooth transition and continuity.”

Hoey says he is proud of the work done to date.

“We have successfully validated the revolutionary potential of this vaccination delivery platform for a spectrum of diseases in global markets and have strong traction in product and market development,” he says.

“I look forward to continuing to be a part of the Vaxxas journey, supporting the executive team and Board as they drive forward.”

A global search for a new CEO is well advanced, Vaxxas says.