LONDON, Dec. 18,
2023 /PRNewswire/ -- Virax Biolabs Group Limited
("Virax" or the "Company") (Nasdaq: VRAX), today announced
that Mr. James Foster, Chief Executive Officer of Virax, has
issued a letter to shareholders that provides an update on recent
events and an outlook for 2024.
Dear Fellow Shareholders,
As we close out 2023, I want to take this opportunity to share
an exciting update on our advancements in broadening our focus on
post viral syndromes and other conditions associated with chronic
inflammation and T-Cell exhaustion.
Earlier this year, Virax developed and launched a Research Use
Only (RUO) SARS-Cov-2 version of our ViraxImmune T-Cell Kit,
leveraging Elispot technology. EliSpot is a powerful technique used
in immunology to detect and analyze specific immune cells, that
produce particular proteins, usually cytokines upon activation.
Utilizing this technology, we are currently collaborating with a
research institute in the UK who is looking at immunology relating
to post viral diseases in an ongoing clinical trial.
To further enhance the development of our ViraxImmune IVD
platform, we are additionally leveraging FluoroSpot technology,
which provides us with the ability to detect multiple analytes
simultaneously. This allows us to assess the secretion of
different cytokines or proteins from the same set of cells in a
single assay, providing a more comprehensive view of immune
responses. Unlike conventional methods like ELISA and flow
cytometry, FluoroSpot technology will allow the detection and
quantification of a wide range of cytokine-secreting cells,
offering higher resolution in the understanding of cellular immune
responses, providing deeper insights into complex immune
dynamics.
Our ViraxImmune IVD platform is also versatile as it isn't
confined to a single disease or condition and has the potential to
address a wide spectrum of chronic syndromic diseases and post
viral infections. Post viral syndromes include Long COVid that
currently affects approximately 19 million individuals in the US
and 38 million in Europe. Individuals experiencing Long COVid
can experience debilitating symptoms long-term resulting in loss of
income to the individual, increased cost to the healthcare system
as well as loss of productivity to society. As a result,
there is a great need for the early diagnosis of these individuals
to help with their treatment management.
In terms of progress, we have made substantial strides for our
ViraxImmune FluoroSpot T-Cell assay development. Our internal
procurement and distribution infrastructure continues to expand,
ensuring future cost-effective delivery of immunological solutions.
Our laboratory capabilities are now fully equipped operationally to
handle current and future manufacturing processes, with scalability
to potentially produce up to 200,000 kits annually.
Looking Ahead to 2024
Our current ongoing collaborations with key research
institutions will allow us to complete the development and
performance studies of our Fluorospot assays. These collaborations
will allow us to study clinical samples within the areas of
interest to help refine our technology and establish its clinical
validity.
In 2024 we also expect to present key findings at major global
scientific conferences as well as interact with regulatory bodies
later in the year to help define the regulatory pathway to IVD
approval.
Financial Highlights
In October 2023, we received
approximately $1.9 million from a
warrant exercise. After fully funding the major equipment
needed to build out the lab facility for preparation of future
operations, our cash balance as of November
30, 2023 remained approximately $5.6
million. When taking into account the stock valuation,
as of December 15, 2023, our stock is
trading for only 57% of cash value. We also do not have any
debt obligations. With the current cash balance and no debt
to service, we believe we have adequate capital to take us through
our technology milestones.
Looking ahead in the next 12 months, we eagerly anticipate
substantial advancements in the development of our ViraxImmune
FluoroSpot assays. We also look to continue expanding our
distribution channels with ViraxClear & ViraxVet.
We deeply appreciate your steadfast support and trust in Virax
as we persist in our innovation and advancements in the realm of
immunology.
Sincerely,
James Foster
Chairman and CEO
Virax Biolabs Group Limited
About Virax Biolabs Group Limited
Virax Biolabs Group Limited is an innovative biotechnology
company focused on the detection of immune responses to and
diagnosis of viral diseases. In addition to distributing an array
of in-vitro diagnostic test kits, Virax Biolabs Group Limited is
currently developing T cell based test technologies with the
intention of providing an immunology profiling platform. T cell
testing can be particularly effective in the diagnosis and
therapeutics of Long COVid as well as chronic inflammation and
other post viral syndromes including myalgic encephalomyelitis,
Hepaitis B, Malaria, Herpes and Human Papillomavirus. For more
information, please visit www.viraxbiolabs.com.
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SOURCE Virax Biolabs