VERAXA Biotech, a portfolio company of Xlife Sciences AG (SIX: XLS), secured $27.5 million in senior secured convertible note financing from High Trail Capital LP and entered into a share purchase agreement providing access to up to $50 million in equity financing with Lincoln Park Capital Fund LLC. The financing arrangements are intended to strengthen 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, while 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 said the combined financing structure supports continued development of its antibody-based therapeutic pipeline, including proprietary BiTAC formats and antibody-drug conjugates.
To view the full press release, visit https://ibn.fm/oxUOU
About VERAXA Biotech AG
At VERAXA Biotech AG, we strive to establish the premiere drug discovery and development engine for antibody drug conjugates and other novel antibody-based therapy concepts. Wielding a suite of transformative technology innovations and applying thorough quality-by-design principles in drug discovery, we are accelerating our pipeline of antibody drug conjugates and our novel BiTAC antibody formats into and through clinical development. VERAXA Biotech AG originates from scientific discoveries made at the European Molecular Biology Laboratory (EMBL), a world-leading institute for life science research and ground-breaking enabling technologies.
For more information, visit https://www.veraxa.com/
About Xlife Sciences AG (SIX: XLS)
Xlife Sciences is a Swiss company focused as incubator and accelerator on the value development and commercialization of promising research projects from universities and other research institutions in the life sciences sector, with the aim of providing solutions for high unmet medical needs and a better quality of life. The goal is to bridge research and development to healthcare markets. Xlife Sciences takes carefully selected projects in the four areas of technological platforms, biotechnology/ therapies, medical technology, and artificial intelligence/digital health to the next stage of development, and participates in their subsequent performance.
For more information, visit https://www.xlifesciences.ch
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