Feb 10 2015
Vaxxas, a biotechnology company commercializing a novel vaccination platform, today announced it has secured equity funding of A$25 million [US$20 million] from new and existing investors.
These funds represent the first closing of a Series B venture financing round, the proceeds from which will be used to advance a series of clinical programs and develop a pipeline of new vaccine products for major diseases using Vaxxas’ patented Nanopatch platform. This new round of financing brings the total capital raised by Vaxxas to A$40 million [US$33 million].
“As we have advanced the development of our Nanopatch needle-free vaccination technology, we have seen tremendous opportunities to create our own proprietary pipeline of Nanopatch-based vaccine products as well as those with partners,” said David L. Hoey, President and CEO of Vaxxas. “This funding creates an important inflection point for Vaxxas, as we are now poised to create significantly increased value through our first clinical studies.”
Vaxxas’ proprietary Nanopatch platform induces robust immune system activation by targeting vaccine to the abundant immunological cells immediately below the surface of the skin. Vaxxas’ plans call for applying its patented needle-free vaccination technology against major diseases, such as influenza, polio, bacterial infections, and cancer.
“OneVentures is proud to lead this Series B financing, which reflects the tremendous potential of Vaxxas through commercialization of the Nanopatch platform,” said Paul Kelly, MD, Chairman of the Board of Directors of Vaxxas Pty Ltd and Managing Director at OneVentures Pty Ltd. “The funding positions the company to establish a high-value vaccine product pipeline and initiate clinical programs.”
Source: http://vaxxas.com/