Australian company Vaxxas has secured close to $90 million in new funding, one of the largest private biotechnology financings in the country this year, as it accelerates development of its needle-free vaccine delivery technology.
The round combines $49.2 million in new Series D equity and a $40 million debt facility, with further commitments still under discussion. Leading the equity raise was SPRIM Global Investments, joined by new investor LGT Crestone and long-time backers OneVentures and Brandon Capital–Hostplus.
Vaxxas said the funding provides crucial support to scale up its high-density microarray patch (HD-MAP) technology. The patch allows vaccines to be delivered without needles, reducing cold-chain storage needs and creating the potential for self-administration at home. Advocates say it could reshape vaccine access and uptake worldwide.
Chair Sarah Meibusch said raising such significant capital in today’s tough market reflected strong investor belief in Vaxxas’ progress and potential. “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 said. The new funding, she added, gives the company a financial runway into the second half of 2027 as it moves closer to market launch.
SPRIM’s Co-Founder and Managing Partner, Michael Shleifer, described HD-MAP as a platform with the power to transform global vaccine delivery. “The commercial opportunity is enormous,” he said, pointing to its ability to expand access, cut costs, and improve uptake.
The $40 million debt facility, also arranged with SPRIM, is structured around Vaxxas’ R&D activity and eligibility under the federal government’s R&D tax rebate program, ensuring resources align with ongoing development needs.
Vaxxas also announced a significant leadership change. David Hoey, who has served as CEO for 14 years, will step into a new role as Strategic Advisor. Hoey, who joined in 2012, has overseen the company’s evolution from a University of Queensland spinout to a global player with over $300 million raised and more than $140 million invested directly in Queensland.
“I am incredibly proud of what we have achieved to bring the company and its technology to this point,” said Hoey. “We have validated the revolutionary potential of this platform across a spectrum of diseases in global markets and established strong momentum in both product and market development. I look forward to continuing to support Vaxxas in its next phase.”
Chair Sarah Meibusch paid tribute to Hoey’s contribution, crediting him with building the team, securing global partnerships, and laying the foundations for commercialisation. “This transition reflects the Company’s evolution from a high-potential startup to a commercially focused biotech scaling for global impact,” she said. A search for his successor is already underway.
The company also confirmed that Paul Kelly, a founding Board member and long-time Chair, has retired. Meibusch, who has been closely involved with Vaxxas for several years as a OneVentures partner and alternate director, has taken over as Chair.
With fresh capital, new leadership on the horizon, and confidence from global investors, Vaxxas is positioning itself to bring its groundbreaking HD-MAP technology closer to patients worldwide.