Vaxxas, a biotechnology company developing the high-density microarray patch (HD-MAP) for needle-free vaccine delivery, has secured approximately $90 million in its latest financing round. This funding, one of the largest in Australia for a private biotech this year, consists of $49.22 million in Series D equity and $40 million in debt facilities.
The equity financing was led by SPRIM Global Investments, with participation from new investor LGT Crestone and existing investors OneVentures and Brandon Capital-Hostplus. This funding will help Vaxxas accelerate the development of its HD-MAP technology, including the installation of semi-automated manufacturing lines and advancing clinical trial programs. The HD-MAP technology offers a significant improvement in vaccine delivery by enabling needle-free administration and reducing storage temperature requirements.
Vaxxas has also secured a US$25.2 million (A$40 million) debt facility from SPRIM Global Investments, accessible based on R&D activities under the Australian Government’s tax rebate scheme.
After 14 years as CEO, David Hoey is transitioning to the role of Strategic Advisor, allowing new leadership to guide Vaxxas in its commercialization efforts. Under his leadership, the company has raised over $300 million, contributing nearly $160 million to the Australian economy.
Paul Kelly, who has served as Chair since Vaxxas’s founding in 2011, has retired, and Sarah Meibusch from OneVentures has been appointed as the new Chair. Meibusch has been closely involved with Vaxxas for several years.
KEY QUOTES:
“This result underscores the confidence that leading investors have in Vaxxas’ disruptive technology and the progress the team has made toward scaling-up and commercialisation. Coupled with our sharp focus on commercialization, this funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market.”
“We are deeply grateful to David for his tireless work to get Vaxxas to this stage. David and the Vaxxas team have grown the company from a spinout from The University of Queensland into a company with strong technical and operational capabilities and established a world-class development and manufacturing facility. This transition reflects the company’s evolution from a high-potential startup to a commercially focused biotech scaling for global impact. David’s continued involvement as advisor and committed shareholder will help ensure a smooth transition and continuity.”
Chair of Vaxxas Sarah Meibusch
“SPRIM is proud to lead this financing and support Vaxxas at this exciting juncture. We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake. The commercial opportunity is enormous, and we look forward to partnering with the team as they advance toward market.”
Michael Shleifer, Co-Founder and Managing Partner of SPRIM Global Investments
“I am incredibly proud of what we have achieved to bring the company and its technology to this point in its growth. We have successfully validated the revolutionary potential of this vaccination delivery platform for a spectrum of diseases in global markets and have strong traction in product and market development. I look forward to continuing to be a part of the Vaxxas journey, supporting the executive team and Board as they drive forward.”
David Hoey
