- Total equity and debt raising of ~$90 million provides runway to 2H 2027
- Strong support from existing and new investors including SPRIM Global Investments
- Funds will be used to scale-up production of needle-free vaccination delivery technology
- Founding CEO David Hoey will transition to Strategic Advisor
- Company well-advanced in search for new CEO to accelerate commercialisation.
BRISBANE, Australia, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Vaxxas Pty Ltd, the biotechnology company pioneering the high-density microarray patch (HD-MAP) for needle-free vaccine delivery, today announced that it has secured ~$90 million in its latest financing round.
The financing is one of the largest financings for a private biotech company in Australia this year and includes $49.22 million in new Series D equity and $40 million in debt facilities, with additional commitments under discussion as the Company continues to attract investor interest.
The equity financing was led by SPRIM Global Investments, the venture arm of global life sciences firm SPRIM, with strong participation from new investor LGT Crestone as well as existing investors OneVentures and Brandon Capital-Hostplus.
The funding will enable Vaxxas to accelerate the development and scale-up of its HD-MAP technology towards market readiness, including installation of semi-automated manufacturing lines and later-stage clinical trial programs.
Vaxxas’ HD-MAP technology represents a major advance in vaccine delivery, enabling needle-free administration that reduces temperature control requirements for vaccine storage and creates opportunities for self-administration in the home. This could dramatically improve vaccine access and uptake worldwide.
Chair of Vaxxas, Sarah Meibusch, said the capital raising represented an excellent achievement in a very difficult market for biotech. “This result underscores the confidence that leading investors have in Vaxxas’ disruptive technology and the progress the team has made toward scaling-up and commercialisation. Coupled with our sharp focus on commercialisation, this funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market.”
Michael Shleifer, Co-Founder and Managing Partner of SPRIM Global Investments, said: “SPRIM is proud to lead this financing and support Vaxxas at this exciting juncture. We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake. The commercial opportunity is enormous, and we look forward to partnering with the team as they advance toward market.”
In addition to the Series D equity, Vaxxas has entered into a US$25.2 million (A$40 million) debt facility with SPRIM Global Investments, which the company can draw down based on eligible R&D activity under the Australian Government’s R&D tax rebate scheme and in line with the Company’s R&D needs.
Leadership and Board transition
After 14 years as CEO, David Hoey will transition to a new role as Strategic Advisor. Having led Vaxxas since 2012, Mr Hoey and the Board believe that this transition provides a strategic opportunity to put leadership in place for the coming years, as the Company accelerates its commercialisation efforts to bring the HD-MAP to market.
Mr Hoey said: “I am incredibly proud of what we have achieved to bring the company and its technology to this point in its growth. We have successfully validated the revolutionary potential of this vaccination delivery platform for a spectrum of diseases in global markets and have strong traction in product and market development. I look forward to continuing to be a part of the Vaxxas journey, supporting the executive team and Board as they drive forward.”
Under Mr Hoey’s leadership, Vaxxas has established a world-class team, strategic relationships with global leaders in vaccination, and raised more than $300 million to support the programs, of which almost $160 million has been injected into the Australian economy, including more than $140 million in Queensland.
Sarah Meibusch said: “We are deeply grateful to David for his tireless work to get Vaxxas to this stage. David and the Vaxxas team have grown the company from a spinout from The University of Queensland into a company with strong technical and operational capabilities and established a world-class development and manufacturing facility. This transition reflects the Company’s evolution from a high-potential startup to a commercially focused biotech scaling for global impact. David’s continued involvement as advisor and committed shareholder will help ensure a smooth transition and continuity.”
A global search for a new CEO is well advanced.
Vaxxas Chair Paul Kelly, who has been on the Board since Vaxxas was founded in 2011, has retired from the Board. Fellow OneVentures representative Sarah Meibusch has been appointed Chair. Ms Meibusch, OneVentures Healthcare Partner, has been closely involved with Vaxxas for a number of years and has been an alternate director since 2020.
About Vaxxas
Vaxxas is a clinical-stage private biotechnology company pioneering its proprietary high-density microarray patch (HD-MAP) for needle-free vaccine delivery. The HD-MAP has been administered to more than 750 participants across multiple clinical trials, showing strong safety, tolerability, and robust immune responses. Preclinical and clinical data demonstrate the technology’s ability to deliver all major vaccine modality types including live attenuated, protein subunit, and mRNA positioning the platform as a universal delivery solution. By targeting immune cells just beneath the skin, the HD-MAP can achieve stronger protection with smaller doses, while reducing cold-chain requirements and enabling self-administration. With the potential to disrupt the multibillion-dollar global vaccine market by improving access, reducing costs, and expanding coverage, Vaxxas is now scaling manufacturing and advancing its lead programs toward commercialisation from its base in Brisbane, Australia.
About SPRIM Global Investments
Founded in 2008, SPRIM Global Investments (SGI) is a privately held investment firm specializing in clinical-stage life sciences and pharma services. SGI’s innovative investment model provides agile and high-impact funding to high-potential biotech companies worldwide, supporting the advancement of clinical trials and accelerating the development of life-changing treatments. www.sprim.net
About HD-MAP needle-free vaccines
The Vaxxas high-density microarray patch (HD-MAP) is comprised of thousands of microscopic projections moulded into a small patch. Each microprojection is ‘printed’ with a small dose of vaccine in a dried formulation. When applied to the skin, the patch delivers the vaccine to the abundant immune cells that naturally reside immediately below the skin surface.
HD-MAP vaccine delivery has the potential to overcome challenges faced by traditional needle and syringe delivery of vaccines. The HD-MAP delivery of the vaccine has been shown in early clinical studies to be more stable at higher temperatures than vaccines in liquid formulations, potentially reducing the need for cold-chain storage and distribution. Previous studies have also shown the safety and tolerability of Vaxxas’ HD-MAP for use in vaccine delivery and inducing equal or greater immune responses to injected vaccines at lower doses. HD-MAP vaccines are designed to be self-administered in the future to enable home delivery.
Vaxxas continues to grow the body of evidence supporting its HD-MAP technology with vaccine programs underway in partnership with SK biosciences, the Coalition for Epidemic Preparedness Innovations (CEPI), Wellcome, the US Government, and the Gates Foundation. To date, the company has administered the HD-MAP technology to over 750 people in clinical trials to address some of the world’s biggest health challenges including COVID-19, flu, and measles and rubella.
The Vaxxas HD-MAP delivered vaccines are under investigation and available only for investigational uses. They are not available anywhere in the world for sale or purchase. As such, Vaxxas makes no claim that the vaccines are reliable, durable, dependable, safe, or effective, and makes no claim that it is superior to any other vaccine or vaccine delivery technology.
Contact: Amy Miller amymi@wecommunications.com +61 431 072 422
