ViRexx completes $12M financing

Canada's ViRexx Medical, a company focused on immunotherapy treatments for certain cancers, chronic hepatitis B and C and embolotherapy treatments for tumors, says that it has closed a brokered private placement equity financing which will result in the issuance of 10,909,090 units at a price of C$1.10 per unit for gross proceeds to the company of C$12.0 million ($10.4 million). Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share of ViRexx at a price of C$1.50 for a period of two years from the date of issuance.

"This transaction strengthens our balance sheet as we approach important milestones for our earlier-stage product pipeline, specifically the completion of our Phase I Occlusin 50 Injection trial and initiation of the Phase I HepaVaxx B trial. The proceeds will help fund these clinical trials," commented Lorne Tyrrell, chief executive of ViRexx. "Our late-stage OvaRex (monoclonal antibody-4313) product, which is currently in Phase III trials, continues to be funded by our partner, United Therapeutics," he added.