August 23, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas, including biotech and pharma stocks reports on trading and news for Virax Biolabs Group Limited (NASDAQ: VRAX), an innovative biotechnology company focused on the detection of immune responses and diagnosis of viral diseases.
The stock has had big runs due to the mpox stock rally and in today’s trading, it is still a notable gainer. The stock is trading at $5.70, up 0.52, gaining 10.04%, with a morning high of $6.22.
Virax Biolabs took advantage of the recent stock run and volume and announced financing to fund future development.
This week Virax announced today that it has entered into a definitive agreement for the issuance and sale of an aggregate of 1,108,892 of its ordinary shares at a purchase price of $4.50 per share in a registered direct offering. The closing of the offering is expected to occur on or about August 23, 2024, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the offering for working capital and general corporate purposes.
Virax Biolabs Group Limited is an innovative biotechnology company focused on the detection of immune responses to and diagnosis of viral diseases. Virax Biolabs Group Limited is currently developing T-Cell-based test technologies with the intention of providing an immunology profiling platform. T-Cell testing can be particularly effective in the diagnosis and therapeutics of post-viral syndromes such as Long COVID and other chronic conditions linked to immune dysregulation.
Recent news
https://finance.yahoo.com/news/virax-biolabs-group-limited-announces-013000266.html
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