Vaxxas Raises $90 Million To Advance Needle-Free Vaccine Technology

Brisbane-based biotech company Vaxxas has secured around $90 million in equity and debt funding to scale up its high-density microarray patch (HD-MAP) vaccine delivery system and extend its financial runway into the second half of 2027.

Funding Breakdown

The raise includes $49.22 million in Series D equity and a $40 million debt facility. Investors in the round include SPRIM Global Investments, LGT Crestone, OneVentures and Brandon Capital-Hostplus.

SPRIM Global Investments led the financing, with its venture arm providing both equity and debt. The debt facility will allow Vaxxas to draw down funding based on eligible R&D activity under the federal government’s tax rebate scheme.

Chair of Vaxxas, Sarah Meibusch, said the outcome demonstrated strong backing despite a difficult market for biotechnology.

“This result underscores the confidence that leading investors have in Vaxxas’ technology and the progress the team has made toward scaling-up and commercialisation,” Meibusch said. “This funding provides Vaxxas with a runway into the second half of 2027 as we focus on bringing our technology to market.”

Scaling HD-MAP Technology

The funds will be used to install semi-automated manufacturing lines and support later-stage clinical trials. The HD-MAP patch contains thousands of microprojections coated with vaccine in dried form. It is applied to the skin, where it targets immune cells just beneath the surface.

The technology has the potential to reduce cold-chain storage requirements and make self-administration of vaccines at home possible. Vaxxas has already run multiple clinical trials involving more than 750 participants, with programs underway for diseases including flu, measles and COVID-19.

Michael Shleifer, Co-Founder and Managing Partner of SPRIM Global Investments, said the group was confident in the platform’s potential.

“SPRIM is proud to lead this financing and support Vaxxas at this juncture,” Shleifer said. “We believe the HD-MAP platform has the potential to transform vaccine delivery globally by expanding access, reducing costs and improving uptake. The commercial opportunity is significant, and we look forward to partnering with the team as they advance toward market.”

Leadership Transition

As part of the company’s shift toward commercialisation, founding CEO, David Hoey, will step down after 14 years and take up a Strategic Advisor role.

Hoey said he was proud of the company’s progress.

“We have successfully validated the potential of this vaccination delivery platform for a spectrum of diseases in global markets and have strong traction in product and market development,” Hoey said. “I look forward to continuing to be a part of the Vaxxas journey, supporting the executive team and Board as they drive forward.”

During Hoey’s tenure, Vaxxas raised more than $300 million, with $160 million invested into the Australian economy, including $140 million in Queensland.

Meibusch said the transition was a natural step in Vaxxas’ evolution.

“David and the Vaxxas team have grown the company from a spinout from The University of Queensland into a company with strong technical and operational capabilities and established a development and manufacturing facility,” she said. “David’s continued involvement as advisor and shareholder will help ensure continuity as we bring in new leadership.”

A global search for a new CEO is underway.

Board Changes

Paul Kelly, a founding Board member, has retired. Meibusch, who has been closely involved with Vaxxas as a representative of OneVentures, has been appointed Chair.

Vaxxas continues to work with international partners including SK biosciences, the Coalition for Epidemic Preparedness Innovations, Wellcome, the US Government and the Gates Foundation to expand the evidence base for HD-MAP vaccines.

The vaccines remain investigational and are not yet available for commercial use.

Last Updated on August 26, 2025 by Nick Ross