Virax Biolabs raises $3.3M as it cuts option price to $6
What's the deal? Virax BiolabsDealroom has a profile for this one. Try Dealroom → Group has secured roughly $3.3 million in gross proceeds by exercising outstanding preferred investment options. The London-based biotech firm signed a definitive agreement on July 9, 2026, covering the immediate purchase of up to 548,000 ordinary shares.
The terms: The options were originally issued in October 2023 and amended in December 2025. To spur the exercise, Virax cut the price from $10.00 to $6.00 per share. It expects to close the offering around July 10, 2026, subject to customary conditions.
What's the money for? Proceeds will go toward working capital and general corporate purposes. In exchange, the company is issuing new unregistered Series A and Series B preferred investment options.
The fine print: Both new option series hinge on shareholder approval to increase authorised shares. Series A options carry a five-year term; Series B options run for 18 months. Virax plans to file registration statements with the Securities and Exchange Commission to cover resale of the newly issued shares.
What does Virax do? The company develops diagnostic technologies for viral and immune-mediated diseases, with a focus on immune-response detection and T cell profiling. Its lead programs, ViraxImmune and ImmuneSelect, target conditions including Long COVID and chronic immune dysfunctions.
The signal: The raise is a quick re-raise, and its structure tells the story. Repricing options nearly 40% below their original strike and pairing them with fresh warrants is the kind of move small-cap biotechs make to pull in near-term cash when other funding channels are tight.
Read more: third-news.com
Image credit: National Institutes of Health (NIH)
