Evaxion Biotech Announces Pricing of $15 Million Public Offering

Evaxion Biotech Announces Pricing of $15 Million

COPENHAGEN, Denmark, Feb. 1, 2024 (GLOBE NEWSWIRE)

- Evaxion Biotech A/S (NASDAQ: EVAX) ("Evaxion" or the "Company"), a clinical-stage TechBio company specializing

in developing AI-Immunology powered vaccines, today announced the pricing of a public offering of an aggregate of 3,750,000 of

its American Depositary Shares ("ADSs") (or pre-funded warrants in lieu thereof) and warrants to purchase up to 3,750,000

ADSs at a combined public offering price of $4.00 per ADS (or pre-funded warrant in lieu thereof) and accompanying warrant. MSD Global

Health Innovation Fund (MSD GHI), a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, who became an Evaxion shareholder

in December 2023, is also participating in this offering. The warrants will have an exercise price of $4.00 per ADS, will be exercisable

immediately upon issuance and will expire five years following the date of issuance. Each ADS represents ten ordinary shares of the Company.

The closing of the offering is expected to occur on or about February 5, 2024, subject to the satisfaction of customary closing conditions.

Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering

are expected to be $15 million, before deducting the placement agent's fees and other offering expenses payable by the Company.

The Company intends to use the net proceeds of this offering to advance the Company's preclinical and clinical pipeline, and for

continuing operating expenses and working capital.

described above are being offered pursuant to a registration statement on Form F-1 (File No. 333-276505),

which was declared effective by the Securities and Exchange Commission, or the SEC, on February 1, 2024. The offering is made only by

means of a prospectus forming a part of the effective registration statement relating to the offering. A preliminary prospectus relating

to the offering has been filed with the SEC and a final prospectus relating to the offering will be filed with the SEC. Electronic copies

of the final prospectus, when available, may be obtained on the SEC's website located at http://www.sec.gov and may also be

obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711

or e-mail at placements@hcwco.com.

This press release shall not constitute an offer

to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in

any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification

under the securities laws of any such state or other jurisdiction.

Evaxion Biotech A/S is a pioneering TechBio company

based upon its AI platform, AI-Immunology . Evaxion's proprietary and scalable AI prediction models harness the power of artificial

intelligence to decode the human immune system and develop novel immunotherapies for cancer, bacterial diseases, and viral infections.

Based upon AI-Immunology , Evaxion has developed a clinical-stage oncology pipeline of novel personalized vaccines and a preclinical

infectious disease pipeline in bacterial and viral diseases with high unmet medical needs. Evaxion is committed to transforming patients'

lives by providing innovative and targeted treatment options. For more information about Evaxion and its groundbreaking AI-Immunology

platform and vaccine pipeline, please visit our website.

Chief Executive Officer

Forward Looking Statements

This announcement contains

forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended. The words "target," "believe," "expect,"

"hope," "aim," "intend," "may," "might," "anticipate,"

"contemplate," "continue," "estimate," "plan," "potential,"

"predict," "project," "will," "can have," "likely,"

"should," "would," "could," and other words and terms of similar meaning identify

forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a

result of various factors, including, but not limited to, risks related to: statements regarding the consummation of the offering,

the satisfaction of the closing conditions of the offering and the use of net proceeds therefrom; our financial condition and need

for additional capital; our development work; cost and success of our product development activities and preclinical and clinical

trials; commercializing any approved pharmaceutical product developed using our AI platform technology, including the rate and

degree of market acceptance of our product candidates; our dependence on third parties including for conduct of clinical testing and

product manufacture; our inability to enter into partnerships; government regulation; protection of our intellectual property

rights; employee matters and managing growth; our ADSs and ordinary shares, the impact of international economic, political,

legal, compliance, social and business factors, including inflation, and the effects on our business from the worldwide ongoing

COVID-19 pandemic and the ongoing conflict in the region surrounding Ukraine and Russia and the Middle

East; market and other conditions and other uncertainties affecting our business operations and financial condition. For a

further discussion of these risks, please refer to the risk factors included in our most recent Annual Report on Form 20-F and

other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. We

do not assume any obligation to update any forward-looking statements except as required by law.

Source: Evaxion Biotech