Virax Biolabs Group Ltd Stock Price, News & Analysis

Virax Biolabs Group Limited (Nasdaq: VRAX) announced a distribution agreement for Marburg Virus PCR testing kits, enhancing its diagnostic product lineup. The Marburg Virus Real Time PCR Kit will utilize real-time PCR technology to detect RNA from the Marburg Virus, targeting markets that accept the CE mark. CEO James Foster emphasized the kit's significance in combating infectious diseases and improving global health. Marburg Virus Disease is marked by severe hemorrhagic fever, necessitating precise testing to ensure effective outcomes. In addition to this launch, Virax is developing proprietary T-Cell Test technology for profiling immune responses to various viral threats, including COVID-19 and Monkeypox.

On March 10, 2023, Virax Biolabs Group Limited (Nasdaq: VRAX) announced the successful closing of a private placement, raising approximately $4 million. This offering included 3,843,309 ordinary shares and two series of preferred investment options, all priced at $1.04077 per share. The funds will support the development of Virax's proprietary T-Cell Test technology, aimed at enhancing the diagnosis of viral diseases. The Series A and Series B options have an exercise price of $0.80202 and are valid for five and a half years. The placement agent for this offering was H.C. Wainwright & Co.

Virax Biolabs Group Limited (NASDAQ: VRAX) announced a private placement agreement on March 8, 2023, for the sale of 3,843,309 ordinary shares and preferred investment options priced at $1.04077 per ordinary share. The Series A and B options, each with an exercise price of $0.80202, are exercisable for five and a half years. The gross proceeds from this placement are expected to be around $4 million, aimed at developing its proprietary T-Cell Test technology and for general corporate purposes. The placement is expected to close around March 10, 2023, and Virax plans to file a registration statement with the SEC by March 23, 2023.

Virax Biolabs Group Limited (Nasdaq: VRAX) announced a distribution agreement for an Avian Influenza A Virus (AIV) real-time PCR test kit in the European Union. This kit is designed for the detection of AIV and its subtypes, including the H5N1 strain currently affecting Europe. The test will enable healthcare professionals to accurately identify AIV infections, especially for those exposed to infected livestock. Virax's expansion of its ViraxClear distribution platform aims to address various viral threats, enhancing rapid intervention capabilities in high-risk areas.

Virax Biolabs Group Limited (Nasdaq: VRAX) has announced a Purchase Order with Cosmos Health (Nasdaq: COSM) to launch COVID-19 and Influenza A+B Antigen Combo Rapid Detection Kits. This follows their distribution agreement from September 2022, granting Cosmos exclusive rights in Greece and Cyprus, with potential for broader distribution across Europe. The rapid tests, designed for qualitative detection of viral antigens, provide results in just 15 minutes. The partnership aims to address significant health challenges posed by COVID-19 and influenza, which collectively account for millions of severe illnesses and deaths globally.