VERAXA Biotech Secures $27.5M, $50M Equity Line Ahead of Nasdaq Listing

VERAXA Biotech, a portfolio company of Xlife Sciences AG (SIX: XLS), has secured $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 strategic moves are designed to bolster VERAXA's financial position ahead of its planned business combination with Voyager Acquisition Corp. and an anticipated listing on the Nasdaq Capital Market. The financing from High Trail Capital includes a 15-month senior secured convertible note and warrants exercisable over four years at an initial exercise price of $11.50 per share. Meanwhile, 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 this combined financing structure supports the continued development of its antibody-based therapeutic pipeline, which includes proprietary BiTAC formats and antibody-drug conjugates.

VERAXA Biotech AG is dedicated to becoming a premier drug discovery and development engine for antibody drug conjugates and novel antibody-based therapy concepts. Leveraging transformative technology innovations and quality-by-design principles, the company is accelerating its pipeline of antibody drug conjugates and BiTAC antibody formats into and through clinical development. The company's origins trace back to scientific discoveries at the European Molecular Biology Laboratory (EMBL). Xlife Sciences AG, a Swiss incubator and accelerator, focuses on value development and commercialization of promising life sciences research projects from universities and other institutions, aiming to address high unmet medical needs.

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