LONDON , Aug. 21, 2024 /PRNewswire/ -- Virax Biolabs Group Limited ("Virax" or the "Company") (Nasdaq: VRAX ), an innovative biotechnology company focused on the detection of immune responses and diagnosis of viral diseases, announced today that it has entered into a definitive agreement for the issuance and sale of an aggregate of 1,108,892 of its ordinary shares at a purchase price of $4.50 per share in a registered direct offering.
The closing of the offering is expected to occur on or about August 23, 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 approximately $5 million , before deducting the placement agent's fees and other offering expenses payable by the Company.
The Company currently intends to use the net proceeds from the offering for working capital and general corporate purposes. The securities described above are being offered and sold by the Company pursuant to a "shelf" registration statement on Form F-3 (Registration No. 333-275893), including a base prospectus, previously filed with the Securities and Exchange Commission ("SEC") on December 5, 2023 , and declared effective by the SEC on December 15, 2023 .
The securities to be issued in the registered direct offering are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective regi.