Vaxxas Pty Ltd has secured around $90 million in new funding to accelerate the commercialisation and manufacturing of its needle-free vaccine delivery technology.
The Brisbane-based biotechnology company announced the raise, saying the funding includes $49.22 million in new Series D equity and $40 million in debt facilities, with further commitments under discussion.
The equity round was led by SPRIM Global Investments, alongside new investor LGT Crestone and existing backers OneVentures and Brandon Capital-Hostplus.
Vaxxas said the funding will help advance its high-density microarray patch (HD-MAP) toward market readiness, including the installation of semi-automated manufacturing lines and support for later-stage clinical trials.
The HD-MAP technology allows needle-free administration, with reduced temperature control requirements for storage and the potential for self-administration at home, which the company says could expand global access to vaccines.
Chair of Vaxxas, Sarah Meibusch, said the financing was a significant achievement in a challenging environment 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,” Meibusch 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.”
SPRIM Global Investments, which also provided a USD 25.2 million (AUD 40 million) debt facility linked to eligible R&D activity under Australia’s tax rebate scheme, said it sees strong potential in Vaxxas’ technology.
“We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake,” said Michael Shleifer, co-founder and managing partner at SPRIM.
“The commercial opportunity is enormous, and we look forward to partnering with the team as they advance toward market.”
The announcement coincides with a leadership transition at the company. After 14 years as CEO, David Hoey will step into a new role as Strategic Advisor while the board conducts a global search for his successor.
Hoey, who has led the company since 2012, said he is proud of the company’s achievements in bringing the HD-MAP closer to market.
“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,” he said. “I look forward to continuing to be a part of the Vaxxas journey.”
Under Hoey’s leadership, Vaxxas has raised more than $300 million to support its programs, with nearly $160 million injected into the Australian economy, including more than $140 million in Queensland, where it has established a development and manufacturing facility.
Meibusch paid tribute to Hoey’s contribution, saying his leadership was instrumental in growing Vaxxas from a university spinout into a company with global ambitions.
“This transition reflects the Company’s evolution from a high-potential startup to a commercially focused biotech scaling for global impact,” she said.
Vaxxas also confirmed a board change, with long-serving chair Paul Kelly retiring after more than a decade. Meibusch, who has been closely involved with the company since 2020, has been appointed as the new chair.
