Evaxion Biotech A/S (EVAX), a pioneering TechBio company focused on AI-powered vaccine development, announced Tuesday that it has successfully restored its equity above the Nasdaq minimum requirement of $2.5 million.
The company raised $7.8 million through the exercise of prefunded warrants and sales via its ATM-facility, extending its cash runway until fourth quarter 2025.
The company received a 180-day extension from Nasdaq following a hearing on January 7, 2025, allowing it until May 12, 2025, to formally demonstrate compliance with Nasdaq's equity listing rules.
In addition, Evaxion is progressing with discussions to convert part of its loan from the European Investment Bank or EIB to equity, which is expected to further strengthen its financial position.
The funds will support the company's development pipeline, including its AI-driven vaccines targeting cancer and infectious diseases.
Evaxion is confident that its growing pipeline and potential partnerships will enable it to meet key milestones in 2025.
Currently, EVAX is trading at $4.87 down by 18.83%.
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