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LONDON - Virax Biolabs Group Limited (NASDAQ:VRAX), a micro-cap biotech company with a market capitalization of $4.14 million, announced Tuesday the appointment of Iain Miller, PhD as an Independent Director to its Board of Directors, effective immediately. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
Miller, who brings over 30 years of leadership experience in diagnostics and MedTech sectors, replaces Yair Erez, who is stepping down to focus on other professional endeavors. The appointment comes at a crucial time for Virax, as the company faces significant financial challenges with a negative EBITDA of $5.91 million in the last twelve months.
The new board member has previously held senior positions at GE Healthcare, bioMérieux, and Massachusetts General Hospital. He also founded and led four MedTech companies, including Presymptom Health, a UK Ministry of Defence spinout where he served as Chief Executive Officer and developed InfectiClear, a diagnostic for infectious diseases.
Miller holds a PhD in BioEngineering from the University of Strathclyde, an MBA from the University of Edinburgh, and a BSc in Physics & Electronics from the University of Glasgow. He has also served on the UK’s NICE Technology Appraisal Committee and contributed to innovation programs at NHS England and the Medicines and Healthcare products Regulatory Agency.
"His leadership across private and public sector organizations, combined with deep diagnostics expertise and international experience, will be instrumental as we work to advance our immune profiling platform," said James Foster, Chief Executive Officer of Virax Biolabs, in a press release statement. The company’s stock, which has seen a 50% decline over the past six months, currently trades at $0.95, though analysis suggests it may be undervalued.
Virax Biolabs is developing T-Cell-based test technologies aimed at providing an immunology profiling platform, which the company claims could be effective in diagnosing post-viral syndromes such as Long COVID and other chronic conditions linked to immune dysregulation. For deeper insights into Virax’s financial health and growth prospects, including 12 additional exclusive ProTips, visit InvestingPro.
In other recent news, Virax Biolabs Group Limited announced that it received a notification from Nasdaq concerning non-compliance with the exchange’s minimum bid price requirement. The notice, dated July 14, states that Virax Biolabs has not maintained the minimum bid price of $1.00 per share as required under Nasdaq Listing Rule 5550(a)(2). The company has been given a compliance period of 180 calendar days, extending until January 12, 2026, to address this issue. This development is crucial for investors as it impacts the company’s listing status on the Nasdaq exchange. It is important for stakeholders to monitor how Virax Biolabs plans to regain compliance within the given timeframe.
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