Evaxion Biotech, a Danish Phase 1/2 biotech using AI to develop immuno-oncology therapies, raised $30 million by offering 3 million ADSs at $10, the low end of the range of $10 to $12. The company offered 0.3 million more ADSs than anticipated.
The company is using the AI technology of its PIONEER and EDEN platforms to develop four product candidates. Its lead candidates are EVX-01, for the treatment of metastatic and unresectable melanoma, non-small cell lung cancer, and bladder cancer; and EVX-02, for the adjuvant treatment of melanoma. EVX-01 and EVX-02 are both currently in Phase 1/2a trials, with data expected in the 1H21.
Evaxion Biotech plans to list on the Nasdaq under the symbol EVAX. Oppenheimer & Co. acted as a lead manager on the deal.
