Australian biotechnology company Vaxxas has secured approximately A$90 million in funding to advance its revolutionary needle-free vaccine delivery technology toward commercial launch. The financing, one of the largest for a private biotech company in Australia this year, includes A$49.22 million in Series D equity and A$40 million in debt facilities.
The equity round was led by SPRIM Global Investments, with participation from new investor LGT Crestone and existing investors OneVentures and Brandon Capital-Hostplus. The funding provides runway through the second half of 2027 as the company accelerates development of its high-density microarray patch (HD-MAP) technology.
Revolutionary Vaccine Delivery Platform
The HD-MAP technology represents a significant advancement in vaccine administration, consisting of thousands of microscopic projections molded into a small patch. Each microprojection is printed with a small dose of vaccine in dried formulation that delivers directly to immune cells beneath the skin surface.
Clinical data demonstrate the platform's versatility across all major vaccine modalities, including live attenuated, protein subunit, and mRNA vaccines. The technology has been administered to more than 750 participants across multiple clinical trials, showing strong safety, tolerability, and robust immune responses.
"Previous studies have also shown the safety and tolerability of Vaxxas' HD-MAP for use in vaccine delivery and inducing equal or greater immune responses to injected vaccines at lower doses," according to the company's clinical data.
Addressing Global Vaccination Challenges
The HD-MAP technology addresses several critical limitations of traditional needle-and-syringe vaccine delivery. Early clinical studies show the dried vaccine formulation is more stable at higher temperatures than liquid vaccines, potentially reducing cold-chain storage requirements. The patches are designed for future self-administration, enabling home delivery and improving vaccine access globally.
By targeting immune cells just beneath the skin, the HD-MAP can achieve stronger protection with smaller doses while reducing cold-chain requirements. This approach positions the platform to disrupt the multibillion-dollar global vaccine market by improving access, reducing costs, and expanding coverage.
Strategic Partnerships and Development Programs
Vaxxas has established partnerships with major global health organizations to advance its technology. Current vaccine programs are underway in collaboration with SK biosciences, the Coalition for Epidemic Preparedness Innovations (CEPI), Wellcome, the US Government, and the Gates Foundation.
The company has administered HD-MAP technology to over 750 people in clinical trials addressing major health challenges including COVID-19, influenza, measles, and rubella.
Leadership Transition and Commercial Focus
After 14 years as CEO, David Hoey will transition to Strategic Advisor as the company shifts focus toward commercialization. Under Hoey's leadership, Vaxxas evolved from a University of Queensland spinout into a company with world-class technical capabilities and an established development and manufacturing facility.
"I am incredibly proud of what we have achieved to bring the company and its technology to this point in its growth," Hoey said. "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."
Sarah Meibusch, newly appointed Chair and OneVentures Healthcare Partner, emphasized the significance of the funding achievement. "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 stated.
Manufacturing Scale-Up and Market Preparation
The new funding will enable installation of semi-automated manufacturing lines and support later-stage clinical trial programs. Vaxxas has raised more than $300 million total to support its programs, with almost $160 million invested in the Australian economy, including more than $140 million in Queensland.
Michael Shleifer, Co-Founder and Managing Partner of SPRIM Global Investments, highlighted the commercial potential: "We believe the HD-MAP platform has the potential to fundamentally transform vaccine delivery globally – expanding access, reducing costs, and improving uptake. The commercial opportunity is enormous."
The company maintains that HD-MAP delivered vaccines remain under investigation and are available only for investigational uses, with no current claims regarding superiority over existing vaccine delivery technologies.
