Full Press Release Details
Evaxion Biotech Announces Private Placement
COPENHAGEN, Denmark, December 19, 2023 (GLOBE
NEWSWIRE) - Evaxion Biotech A/S (NASDAQ: EVAX) ("Evaxion" or the "Company"), a clinical-stage TechBio company
specializing in developing AI-Immunology powered vaccines, is pleased to announce a private placement (the "Private
Placement") financing to raise gross proceeds of approximately $5.3 million. The Private Placement includes participation from
existing and new shareholders, with the largest new shareholder being MSD Global Health Innovation Fund (MSD GHI), a
corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, accounting for some 25% of the total offering
amount. Further, the Private Placement includes significant participation by all members of the Company's management and the Company's
Kanstrup, CEO of Evaxion Biotech, says, "This Private Placement is an important step
in our long-term financing strategy, and I am very pleased to see the mix of existing as well as new shareholders joining us. Further, I
am excited to welcome MSD GHI as a shareholder of the Company. We believe that the broad participation in our Private Placement
clearly shows the belief in our refined strategy with a strong focus on value realization."
Pursuant to the Private Placement, the
Company has entered into definitive agreements for the issuance and sale of 9,726,898 of the Company's ordinary shares, DKK 1
nominal value ("Ordinary Shares"), represented by American Depositary Shares ("ADSs"), and accompanying
warrants (the "Warrants") to purchase up to 9,726,898 Ordinary Shares represented by ADSs at a purchase price of $0.544
per Ordinary Share for an aggregate purchase price of approximately $5.3 million. The Warrants are exercisable immediately upon
issuance, have a term of three years, and an exercise price equal to $0.707 per Ordinary Share. Each Ordinary Share is represented
The Private Placement is expected to close on
or about December 21, 2023, subject to the satisfaction of customary closing conditions. No brokerage, finder's fees, or commissions
were payable by the Company in connection with the Private Placement.
The gross proceeds from the Private Placement
are expected to be approximately $5.3 million before deducting offering expenses payable by the Company. The Company intends to use the
proceeds from the Private Placement for working capital and general corporate purposes.
The securities described above were offered to
institutional accredited investors, qualified institutional buyers, and other accredited investors in a Private Placement under Section 4(a)(2) of
the Securities Act of 1933, as amended (the "Act") and/or Rule 506(b) of Regulation D promulgated thereunder and
have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in
the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption
from such registration requirements. The Company has agreed to file a registration statement with the SEC for the resale of Ordinary
Shares represented by ADSs and the Ordinary Shares represented by ADSs underlying Warrants issued in the Private Placement. All members
of the Company's management and board of directors have agreed to a lock-up period of 180 days from the effective date of such
registration statement.
release does not constitute an offer to sell or the 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 an offer, solicitation, or sale would be unlawful
prior to 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
Source: Evaxion Biotech
Forward-Looking Statement
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: 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; 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.