Following the completion of an equity offering, shares of Virax Biolabs Group Limited (Nasdaq: VRAX) were up 14.60% at $1.57 as of the most recent check in active trading.
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Which offer has been concluded by VRAX?
The previously announced private placement of 2,330,000 common shares (or common share equivalents in lieu thereof) by Virax Biolabs (VRAX) was completed this week at a gross acquisition price of $1.65 per share. Virax Biolabs has also granted unregistered warrants to acquire up to 3,495,000 common shares as part of the deal (the “Ordinary Warrants”). The Ordinary Warrants will become exercisable six months after their date of issuance, have an exercise price of $1.73 per share, and expire five and a half years after the date of their initial exercise.
Before subtracting placement agency commissions and other offering costs, the gross proceeds from the private placement were about $3.8 million. The development and commercialization of VRAX’s unique T-Cell Test technology, as well as working capital and other basic business needs, are all things that the company plans to do with the net proceeds from the private placement. The only placement agent for the offering was Roth Capital Partners.
VRAX unveiled a quick test kit:
In areas recognizing the CE mark, like the EU, VRAX has began selling an RSV-Influenza-COVID Triple Virus Antigen Rapid Test Kit. With findings often available in 15 minutes, the test kits may be used both at home and at the point of care to correctly diagnose illnesses associated with the respiratory syncytial virus (RSV), influenza, and COVID-19. Anyone can find specialized diagnostic kits by getting in touch with the business’ sales representatives.
RSV may be a devastating illness, although being less well-known to the general public than influenza and COVID-19. RSV is the most frequent reason for hospitalization in babies, and it also accounts for a significant portion of hospitalizations in the elderly, according to the European Health Management Association. RSV infection can cause pneumonia, congestive heart failure, and serious symptoms in people who already have lung issues.
How is VRAX making it work?
The kit is a nice addition to the ViraxClear test line that Virax Biolabs (VRAX) aims to introduce. This year, increased rates of RSV and influenza infections, in addition to the current COVID-19 pandemic, are posing a triple danger to the leading industrialized countries. The ability to test for all three at home thanks to VRAX will make it easier for healthcare systems to quickly treat these illnesses.