VERAXA Biotech AG, a portfolio company of Xlife Sciences AG (SIX: XLS), has announced the closing of $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 up to $50 million in equity financing. These arrangements are designed to bolster 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 includes 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. The company stated that the combined financing structure supports continued development of its antibody-based therapeutic pipeline, including proprietary BiTAC formats and antibody-drug conjugates.
VERAXA Biotech AG aims to establish a premier drug discovery and development engine for antibody drug conjugates and other novel antibody-based therapy concepts. The company’s pipeline leverages transformative technology innovations and quality-by-design principles to accelerate the development of antibody drug conjugates and BiTAC antibody formats. VERAXA originates from scientific discoveries made at the European Molecular Biology Laboratory (EMBL), a world-leading institute for life science research.
Xlife Sciences AG, the parent company, focuses on incubating and accelerating promising research projects from universities and research institutions in the life sciences sector. The company aims to bridge research and development to healthcare markets by taking selected projects in technology platforms, biotechnology/therapies, medical technology, and artificial intelligence/digital health to the next stage of development.
The financing news is significant as it provides VERAXA with the capital necessary to advance its pipeline of antibody-based therapeutics, potentially addressing high unmet medical needs. The upcoming Nasdaq listing also increases the company’s visibility and access to capital markets. For more details, the full press release is available at https://ibn.fm/oxUOU. Additional information about VERAXA Biotech can be found at https://www.veraxa.com/, and about Xlife Sciences at https://www.xlifesciences.ch.