Evaxion Biotech Announces Pricing of $15 Million Public Offering
February 01 2024 - 9:20AM
Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a
clinical-stage TechBio company specializing in developing
AI-Immunology™ powered vaccines, today announced the pricing of a
public offering of an aggregate of 3,750,000 of its American
Depositary Shares (“ADSs”) (or pre-funded warrants in lieu thereof)
and warrants to purchase up to 3,750,000 ADSs at a combined public
offering price of $4.00 per ADS (or pre-funded warrant in lieu
thereof) and accompanying warrant. MSD Global Health Innovation
Fund (MSD GHI), a corporate venture capital arm of Merck & Co.,
Inc., Rahway, NJ, USA, who became an Evaxion shareholder in
December 2023, is also participating in this offering. The warrants
will have an exercise price of $4.00 per ADS, will be exercisable
immediately upon issuance and will expire five years following the
date of issuance. Each ADS represents ten ordinary shares of the
Company. The closing of the offering is expected to occur on or
about February 5, 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 $15 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. The Company intends to use the net proceeds of this
offering to advance the Company’s preclinical and clinical
pipeline, and for continuing operating expenses and working
capital.
The securities described above are being offered
pursuant to a registration statement on Form F-1 (File No.
333-276505), which was declared effective by the Securities and
Exchange Commission, or the SEC, on February 1, 2024. The offering
is made only by means of a prospectus forming a part of the
effective registration statement relating to the offering. A
preliminary prospectus relating to the offering has been filed with
the SEC and a final prospectus relating to the offering will be
filed with the SEC. Electronic copies of the final prospectus, when
available, may be obtained on the SEC’s website located
at http://www.sec.gov and may also be obtained by contacting
H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Evaxion
Evaxion Biotech A/S is a pioneering TechBio
company based upon its AI platform, AI-Immunology™. Evaxion’s
proprietary and scalable AI prediction models harness the power of
artificial intelligence to decode the human immune system and
develop novel immunotherapies for cancer, bacterial diseases, and
viral infections. Based upon AI-Immunology™, Evaxion has developed
a clinical-stage oncology pipeline of novel personalized vaccines
and a preclinical infectious disease pipeline in bacterial and
viral diseases with high unmet medical needs. Evaxion is committed
to transforming patients’ lives by providing innovative and
targeted treatment options. For more information about Evaxion and
its groundbreaking AI-Immunology™ platform and vaccine pipeline,
please visit our website.
Forward Looking Statements
This announcement contains forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. The words “target,” “believe,”
“expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,”
“contemplate,” “continue,” “estimate,” “plan,” “potential,”
“predict,” “project,” “will,” “can have,” “likely,” “should,”
“would,” “could,” and other words and terms of similar
meaning identify forward-looking statements. Actual
results may differ materially from those indicated by such
forward-looking statements as a result of various factors,
including, but not limited to, risks related to: statements
regarding the consummation of the offering, the satisfaction of the
closing conditions of the offering and the use of net proceeds
therefrom; our financial condition and need for additional capital;
our development work; cost and success of our product development
activities and preclinical and clinical trials; commercializing any
approved pharmaceutical product developed using our AI platform
technology, including the rate and degree of market acceptance of
our product candidates; our dependence on third parties including
for conduct of clinical testing and product manufacture; our
inability to enter into partnerships; government regulation;
protection of our intellectual property rights; employee matters
and managing growth; our ADSs and ordinary shares, the impact
of international economic, political, legal, compliance, social and
business factors, including inflation, and the effects on
our business from the worldwide ongoing COVID-19 pandemic and
the ongoing conflict in the region
surrounding Ukraine and Russia and the Middle
East; market and other conditions and other uncertainties
affecting our business operations and financial condition. For
a further discussion of these risks, please refer to the risk
factors included in our most recent Annual Report on Form
20-F and other filings with the U.S. Securities and
Exchange Commission (SEC), which are available
at www.sec.gov. We do not assume any
obligation to update any forward-looking statements except as
required by law.
Source: Evaxion Biotech
Contact Information
Evaxion Biotech A/S
Christian Kanstrup
Chief Executive Officer
cka@evaxion-biotech.com
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