Brisbane-based biotech scores massive funding win
A Brisbane-based biotechnology company has secured $90 million in funding for needle-free vaccine delivery technology.
A biotechnology company has secured $90 million in debt and equity funding for its needle-free vaccine delivery technology.
Vaxxas Pty Ltd is pioneering the high-density microarray patch (HD-MAP) to be used as an alternative to vaccination by needle.
The $90 million secured for the project is one of the largest financings for an Australian biotech company this year. The funding includes $49.22 million in new Series D equity and $40 million in debt facilities.
SPRIM Global Investments led the equity financing in partnership with investors LGT Crestone, OneVentures and Brandon Capital-Hostplus.
This funding will allow Vaxxas to fast-forward development of its HD-MAP to hit the market. It will also fund installation of semi-automated manufacturing lines and later-stage clinical trials.
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Vaxxas chair Sarah Meibusch said raising this kind of funding was difficult in biotech.
“This funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market,” Meibusch said.
Co-Founder and Managing Partner of SPRIM Global Investments, Michael Shleifer, said he proud to support this new venture.
“We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake,” Shleifer said.
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Vaxxas has also agreed to a $40 million debt facility with SPRIM Global Investments. This can be drawn down under the Australian Government’s R&D tax rebate scheme.
The HD-MAP has been trialled on 750 participants and shown strong safety, tolerability and sound immune responses. The microarray patch works by targeting immune cells just under the skin, achieving stronger protection with smaller doses.
Vaxxas’ HD-MAP patches remove the need for temperature control and allow for at-home administration, marking a major advance in vaccination technology.
Vaxxas CEO David Hoey will transition to a role as strategic advisor after 14 years. He said this change would provide strategic leadership for Vaxxas as the company progresses towards commercialisation.
“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,” Hoey said.
Since 2012, Hoey’s leadership has built a world-class team and raised over $300 million for their programs, aiding the Australian economy.
Sarah Meibusch thanked Hoey for his tireless work in getting Vaxxas to where it is now.
Hoey 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. Hoey’s continued involvement as advisor and committed shareholder will help ensure a smooth transition and continuity, Meibusch said.
