Virax Biolabs shares surge 113.13% premarket after announcing $5 million private placement to fund operations.

Virax Biolabs Group Limited surged 113.13% in premarket trading following its announcement of a $5 million private placement. The company plans to issue 12.5 million ordinary shares at $0.40 per share, with proceeds to fund working capital and general corporate purposes. This financing, led by H.C. Wainwright & Co., includes preferred investment options exercisable for five years, signaling investor confidence in the firm’s T cell-based diagnostic platform. The transaction’s immediate execution and alignment with growth strategies likely drove the sharp premarket rally. Other news, including a post-market price decline, relates to intraday volatility and is unrelated to the premarket move.