Virax Biolabs Group Limited (VRAX), a biotechnology company, released today a shareholder letter by Chief Executive Officer James Foster, providing updates on strategic priorities and upcoming milestones.
The company is currently developing VaxImmune, a diagnostic tool for post-acute infection syndromes (PAIS) like long-COVID, post-treatment Lyme disease (PTLD), and myalgic encephalomyelitis / chronic fatigue syndrome (ME/CFS), which it believes to be underserved in the commercial market. The test is to be initially developed as a laboratory developed test (LDT), followed by development as an in vitro diagnostic (IVD) test.
The management also outlined steps to initiate entry into the U.S. market, having completed a pre-submission to the U.S. Food and Drug Administration (FDA) via a Q-Sub meeting.
The company expects a cash position of $6.4 million to allow operations to continue till the near-future milestones. In the next 90 to 180 days, the delivery and contextualisation of PAIS assay data is anticipated, to facilitate the U.S. market entry pathway.
VRAX is currently trading at $0.14, down 16.46%.
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