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.
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.”
Vaxxas has a leadership transition, too
After 14 years in the corner office, David Hoey intends to transition into a new role as strategic advisor. Hoey and the board say that the transition provides an opportunity to put leadership into place as Vaxxas accelerates commercial efforts.
“I am incredibly proud of what we have achieved to bring the company and its technology to this point in its growth,” Hoey said. “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. I look forward to continuing to be a part of the Vaxxas journey, supporting the executive team and Board as they drive forward.”
Vaxxas now has a global search for a new CEO underway and “well advanced.”
“We are deeply grateful to David for his tireless work to get Vaxxas to this stage,” Meibusch said. “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. This transition reflects the Company’s evolution from a high-potential startup to a commercially focused biotech scaling for global impact. David’s continued involvement as advisor and committed shareholder will help ensure a smooth transition and continuity.”
