Vaxxinity

History

2021: Exit to the exchange, estimated at $2 billion

In mid-November 2021, the biotechnology company Vaxxinity, which produces vaccines for chronic diseases, entered the Nasdaq exchange (ticker - VAXX) and raised about $90 million thanks to the IPO. The company offered investors 6.9 million shares at a price of $13 apiece. Vaxxinity's market capitalization amounted to $2 billion.

Vaxxinity, formed in early 2021 as a result of the merger of the Dublin company Covaxx and United Neuroscience, uses synthetic peptides, protein-mimicking molecules, to create vaccine therapy for diseases such as Alzheimer's disease, Parkinson's disease and high cholesterol. The company also worked during the pandemic to create the COVID-19 vaccine.

Chronic disease vaccine maker Vaxxinity enters Nasdaq exchange at $2 billion

The Vaxxine platform is designed to use the immune system to turn the body into its own natural drug factory, stimulating antibody production, the company's website says. At the helm of Vaxxinity is Mei Mei Hu, a rising star in the world of drug development who has chosen an unconventional path in biotechnology. The CEO and co-founder of the company previously worked as a consultant at McKinsey & Co., collaborating with pharmaceutical companies, and has a law degree from Harvard, and her parents are also scientists.

We have directed virtually all of our financial resources and efforts to research and development, including preclinical research and clinical trials, and we anticipate that our costs will rise through 2024 as we continue this activity, Vaxxine said in an IPO announcement.

Vaxxinity, located in downtown Dallas, had 75 employees as of September 30, 2021. None of the company's six vaccines in development has yet entered the market. In June 2021, the company signed an agreement to supply 1 million doses of its UB-612 COVID-19 vaccine to Paraguay if it is approved by the Taiwan Food and Drug Administration for emergency approval. Vaxxinity stated that its goal is to make vaccines available to the poor and developing countries. However, the Taiwan Food and Drug Administration rejected Vaxxinity's application, so the company reassessed and developed another plan for further action, Mei Mei Hu told Fortune. According to her, this put the company in a favorable position, as COVID-19 becomes an endemic problem.^[1]

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