The Danish biotech company Evaxion Biotech A/S has closed its initial public offering on Nasdaq in the USA via an ADS listing (American Depositary Shares). The proceeds from the initial public offering were USD 30m.
The proceeds will be used to finance the further development of the company’s method of combining immunotherapy with artificial intelligence to treat cancer.
Evaxion Biotech A/S has invented a technology using algorithms to identify the mutations in cancer tumours that cause the immune system of the human body to react and combat the cancer. The result is an immunotherapy that is tailored for the individual patient.
The company was formed in 2008, and the ambition is to become the global leader in cancer therapy based on artificial intelligence.
Accura was local counsel for Oppenheimer & Co. who was lead underwriter in connection with the ADS listing.