Virax Biolabs Group Limited (VRAX) to Raise $7 Million in IPO

Virax Biolabs Group Limited (VRAX) expects to raise $7 million in an initial public offering on Thursday, July 21st, IPO Scoop reports. The company plans to issue 1,400,000 shares at $5.00 per share.

In the last twelve months, Virax Biolabs Group Limited generated $120,000 in revenue and had a net loss of $670,000. Virax Biolabs Group Limited has a market cap of $31.3 million.

Boustead Securities acted as the underwriter for the IPO.

Virax Biolabs Group Limited provided the following description of their company for its IPO: “We are a holding company incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material operations of our own, we conduct our substantial operations in the United Kingdom and Hong Kong with operating subsidiaries in Singapore, China and the British Virgin Islands. We have been operating since 2013. We are a global innovative biotechnology group that primarily engages in sales, distribution and marketing of diagnostic test kits and med-tech and Personal Protective Equipment (“PPE”) products for the prevention, detection, diagnosis and risk management of viral diseases with a particular interest in the field of immunology. Our mission is to minimize the risks of viruses throughout the world via our product offerings. We intend to apply for an aggregate of four (4) patents in 2022. For one of the pending patents, we are in the process of acquiring it, and we expect to close the acquisition in 2022. Further, we are developing a T-Cell IVD test kit under the Virax Immune brand for COVID-19 initially, which we subsequently intend to adapt for immunological profiling against multiple viral threats. We are also building a proprietary mobile application for Virax Immune, using an in-house code, that will present an individual’s immunological profiling data and provide advice on the user’s immune system. Based on our management team’s analysis, we expect to file a patent for the Virax Immune Cell diagnostic test kit and a copyright for the Virax Immune app in 2022. Our product portfolio includes: (i) diagnostics test kits sold through our “ViraxClear” brand; (ii) med-tech and PPE products sold through our “ViraxCare” brand; and (iii) sourced brands of third party suppliers, independent of our own brands (“Sourced Brands”). We also expect to launch an upcoming brand “Virax Immune”, with the intention of providing an immunology profiling platform that assesses each individual’s immune risk profile against major global viral diseases. We believe that the T-Cell in-vitro diagnostic (“IVD”) Tests and immunology platform we are developing under the Virax Immune brand will be particularly useful in the diagnosis and threat analysis of the major viruses faced globally. As of the date of the prospectus, we have developed a functioning prototype of our T-Cell IVD Test under the Virax Immune brand but we are still in the process of conducting further tests and we have not submitted any T-Cell IVD Test to any regulatory agency for approval. Currently, our clinical trials and research activities for our T-Cell IVD Test under the Virax Immune brand are conducted by independent third party science companies, namely ICON Clinical Research Limited and IQ Services B.V., respectively, in the Netherlands. Prior to the sale of our T-Cell IVD Test under the Virax Immune brand in our targeted jurisdictions, namely, Canada, United Kingdom, the European Union and the United States, we must apply with the relevant authority for the regulatory approvals. **Note: Revenue and net loss figures are in U.S. dollars from audited financial statements for the year ended March 31, 2021. (Note: Virax Biolabs Group Limited increased the size of its IPO in an F-1/A filing dated June 21, 2022, to 1.35 million shares, up from 1.2 million shares in its initial prospectus, and kept the IPO price at $5.00, to raise $6.75 million. Virax Biolabs filed confidentially to go public in SEC documents on Dec. 27, 2021; the company filed its F-1 (prospectus) on March 18, 2022.)   “.

Virax Biolabs Group Limited was founded in 2013 and has 6 employees. The company is located at 30 Broadwick Street London, W1F 8LX United Kingdom and can be reached via phone at +44 020 7788 7414.

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