Vaxxas, a Cambridge, MA- and Brisbane, Australia-based clinical-stage biotechnology firm, raised US$23M in funding.
The spherical was led by OneVentures and UniQuest Pty Ltd. This US$23M in new funding will leverage non-dilutive monetary assist of greater than US$67M which has been supplied and dedicated to Vaxxas beneath contracts with US and Australian authorities businesses, together with US Biomedical Advanced Research and Development Authority (BARDA), business collaborators, and international well being organizations, together with the World Health Organization (WHO) and the Bill and Melinda Gates Foundation.
The firm intends to make use of the funds to speed up the medical program for its COVID-19 vaccine patch candidate, which is presently in Phase I medical trials.
Led by CEO David Hoey, Vaxxas is a biotechnology firm centered on enhancing the efficiency of present and vaccines with its proprietary high-density microarray patch (HD-MAP). The firm is focusing on preliminary functions in infectious illness and oncology.
The medical program is predicated upon the corporate’s proprietary HD-MAP supply of HexaPro, a second-generation model of the spike protein used in all main US-approved COVID-19 vaccines. Results from preclinical animal research of HD-MAP delivered HexaPro printed in Science Advances, confirmed the potential efficacy of this COVID-19 vaccine patch in opposition to all presently recognized variants of concern.
Vaxxas’ core expertise was initially developed at The University of Queensland (UQ), and the corporate was established as a startup in 2011 by UQ’s commercialization firm UniQuest, a significant shareholder in Vaxxas. The firm was based with the completion of an preliminary fairness financing led by OneVentures Innovation Fund I with co-investors Brandon Capital Partners, Brandon BioCatalyst, and US-based HealthCare Ventures, adopted by an extra financing led by OneVentures.