Evaxion Biotech Announces Private Placement Financing

• MSD Global Health Innovation Fund (MSD GHI), a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, is contributing with some 25% of the total offering amount

• Company’s management and board of directors with significant participation in the total offering
  

COPENHAGEN, Denmark, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a clinical-stage TechBio company specializing in developing AI-Immunology powered vaccines, is pleased to announce a private placement (the “Private Placement”) financing to raise gross proceeds of approximately $5.3 million. The Private Placement includes participation from existing and new shareholders, with the largest new shareholder being MSD Global Health Innovation Fund (MSD GHI), a corporate venture capital arm of Merck & Co., Inc., Rahway, NJ, USA, accounting for some 25% of the total offering amount. Further, the Private Placement includes significant participation by all members of the Company’s management and the Company’s board of directors.

Christian Kanstrup, CEO of Evaxion Biotech, says, “This Private Placement is an important step in our long-term financing strategy, and I am very pleased to see the mix of existing as well as new shareholders joining us. Further, I am excited to welcome MSD GHI as a shareholder of the Company. We believe that the broad participation in our Private Placement clearly shows the belief in our refined strategy with a strong focus on value realization.”

Pursuant to the Private Placement, the Company has entered into definitive agreements for the issuance and sale of 9,726,898 of the Company’s ordinary shares, DKK 1 nominal value (“Ordinary Shares”), represented by American Depositary Shares (“ADSs”), and accompanying warrants (the “Warrants”) to purchase up to 9,726,898 Ordinary Shares represented by ADSs at a purchase price of $0.544 per Ordinary Share for an aggregate purchase price of $5.3 million. The Warrants are exercisable immediately upon issuance, have a term of three years, and an exercise price equal to $0.707 per Ordinary Share. Each Ordinary Share is represented by one (1) ADS.