Vaxxas, a Brisbane-based biotech that develops needle-free vaccine delivery, has raised US$49.2 million in Series D funding but also cut 10% of its staff, including some senior executives.
Founding CEO David Hoey, who has been on leave for three months, has stepped down after 13 years and will now serve as a strategic adviser. CFO Doug Cubbin and around 15 other employees have also left the company.
The Series D round values Vaxxas at $805 million, but it reportedly fell short of the company’s funding goals. To support its plans, Vaxxas also secured a $40 million debt facility and is in talks for more investment.
The round was led by SPRIM Global Investments with new investor LGT Crestone and existing backers OneVentures and Brandon Capital-Hostplus. New chair Sarah Meibusch from OneVentures praised the funding, calling it a strong outcome in today’s tough biotech market.
“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,” she said.
“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.”
The funding will help Vaxxas speed up the development of its HD-MAP technology and prepare it for the market. This includes setting up semi-automated manufacturing lines and running advanced clinical trials.
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HD-MAP enables vaccine administration without needles, simplifies storage by reducing the need for strict temperature control, and may even allow people to self-administer vaccines at home.
SPRIM Global Investments cofounder Michael Shleifer said the Vaxxas technology has “enormous” commercial opportunity.
“We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake,” he said.
The debt facility with SPRIM Global Investments will be called on based on eligible R&D activity under the Australian Government’s R&D tax rebate scheme.
Meibusch said the global search for a new CEO is well advanced and praised Hoey’s tenure since 2012
“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,” she said.
“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.”
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