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Net proceeds from the Private Placement will be used by the Company to further expand and expedite pre-clinical and manufacturing development of CorVax™, supporting on-going development of the Company’s pipeline including ImMucin™, expansion of the oncology and infectious disease vaccine and immunotherapies pipeline as well as for general corporate purposes.
“With the USAMRIID collaboration underway, we aim to use these additional funds to advance the CorVax™ program with parallel activities including formulation, manufacturing and regulatory work, as well as expanding our pipeline in oncology and infectious diseases” said Mr.
The Company expects to pay a finder’s fee equal to 7% of the gross proceeds of the Private Placement. As additional compensation for acting as a finder in respect of the Private Placement, the Company will issue to finders, selling compensation unit warrants (“Finders Warrants”) equal to 7% of the aggregate number of Units sold by such finders in the Private Placement. The Finders Warrants will be exercisable into an equal number of Units, at an exercise price equal to
All securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about
Certain directors and officers of the Company intend to participate in the Private Placement.
The Company is not making any express or implied claims that it has completed developing or will be successful in developing a COVID-19 (or SARS-CoV-2) vaccine at this time.
ABOUT VAXIL
Vaxil is an Israeli immunotherapy biotech company focused on its novel approach to targeting prominent cancer markers and infectious diseases. Its lead product ImMucin™ successfully completed a Phase 1/2 clinical trial in multiple myeloma for which it received orphan drug status from the FDA and EMA. The company aims to continue to develop ImMucin™, CorVax™ and a tuberculosis vaccine / treatment that has demonstrated promising preliminary results with further preclinical evaluation planned. Additional indications and mAb candidates are under evaluation as immuno-oncology and infectious disease vaccines and treatments alone and in combination with other treatments.
Vaxil exploits the unique properties of signal peptide domains on crucial proteins to develop targeted therapies against cancer targets and infectious disease pathogens. These signal peptide domains are identified by VaxHit™, Vaxil’s proprietary bioinformatic approach. These signal peptides induce a robust T- and B-cell response across wide and varied HLA subtypes, while acting as true, universal neoantigens. The peptide platform targets these cells by “educating” or specifically activating the immune system to recognize and attack the affected cells. In addition, Vaxil’s mAb platform directly recognizes the target protein expressed on malignant cells and recruits other elements of the immune system to lyse those cells.
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Disclaimer: The Company cautions that
CONTACT INFORMATION
For further information please visit http://vaxil-bio.com/ or contact:
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