VERAXA Biotech Secures $27.5M Financing and $50M Equity Line Ahead of Planned Nasdaq Listing
VERAXA Biotech AG has obtained $27.5 million in convertible note financing and a $50 million equity line from two investment firms to bolster its financial position before a planned business combination and Nasdaq listing.
VERAXA Biotech AG, a portfolio company of Xlife Sciences AG (SIX: XLS), has secured $27.5 million in senior secured convertible note financing from High Trail Capital LP and entered into a share purchase agreement with Lincoln Park Capital Fund LLC for access to up to $50 million in equity financing. The moves are designed to strengthen VERAXA's financial position ahead of its planned business combination with Voyager Acquisition Corp. and anticipated listing on the Nasdaq Capital Market.
The High Trail Capital financing comprises a 15-month senior secured convertible note and warrants exercisable over four years at an initial exercise price of $11.50 per share. The equity line with Lincoln Park Capital provides VERAXA with discretionary access to capital over a 24-month period without warrants or participation rights. According to the company, the combined financing structure supports continued development of its antibody-based therapeutic pipeline, including proprietary BiTAC formats and antibody-drug conjugates.
This financing is significant as it provides VERAXA with the capital necessary to advance its drug discovery and development programs, potentially leading to new therapies for unmet medical needs. The planned Nasdaq listing also signals the company's ambition to access deeper capital markets and gain visibility among U.S. investors.
VERAXA Biotech AG focuses on establishing a premier drug discovery and development engine for antibody-drug conjugates and other novel antibody-based therapy concepts. The company's technology originates from scientific discoveries at the European Molecular Biology Laboratory (EMBL), a world-leading institute for life science research. For more information, visit https://www.veraxa.com/.
Xlife Sciences AG, listed on the SIX Swiss Exchange under ticker XLS, acts as an incubator and accelerator for promising research projects in the life sciences sector, aiming to bridge research and development to healthcare markets. For more information, visit https://www.xlifesciences.ch.
Investors and industry observers will be watching VERAXA's progress closely, as successful financing rounds and a Nasdaq listing could pave the way for other European biotech companies seeking to expand their reach and funding opportunities in the United States.