Evaxion Biotech Announces Closing of $27.6 Million Follow-on Public Offering, Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Evaxion Biotech A/S (NASDAQ: EVAX) (“Evaxion” or the “Company”), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today the closing of its follow-on public offering of 3,942,856 American Depositary Shares ("ADSs"), at a public offering price of $7.00 per ADS, which includes the exercise in full of the underwriters’ option to purchase 514,285 additional ADSs, with each such ADS representing one ordinary share, DKK 1 nominal value per share, of Evaxion (the "Ordinary Shares"). The gross proceeds to the Company from the offering were approximately $27.6 million before deducting underwriting fees, commissions and other offering expenses. The Company’s ADSs are listed on the Nasdaq Capital Market in the United States and the ADSs trade under the symbol "EVAX". All ADSs were offered by the Company.

Oppenheimer & Co. Inc. acted as sole book-running manager for the offering. Ladenburg Thalmann & Co. Inc. acted as lead manager for the offering and Lake Street Capital Markets, LLC acted as co-manager for the offering.

A registration statement (“Registration Statement”) was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 4, 2021.  A final prospectus relating to the offering was filed with the SEC on November 5, 2021. Copies of the final prospectus relating to the offering are available on the SEC’s website at www.sec.gov. The final prospectus relating to the offering may also be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26^th Floor, New York, New York 10004, by telephone at 212-667-8055, or by email at EquityProspectus@opco.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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