Evaxion Biotech A/S, a clinical-stage TechBio company specialising in developing AI-Immunology powered vaccines, today announced the pricing of of an aggregate of 3,750,000 of its American Depositary Shares (“ADSs”) and warrants.
This would allow members of the public to purchase up to 3,750,000 ADSs with an accompanying warrant at the combined price of $4.00.
MSD Global Health Innovation Fund, 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.