Biotech company Vaxxas just closed a $25 million series B investment round to fund clinical trials for its needle-free vaccination technology.
The round will be used to develop Vaxxas’ patented Nanopatch platform and takes the total capital raised to $40 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,” Vaxxas CEO David Hoey said.
“This funding creates an important inflection point for Vaxxas, as we are now poised to create significantly increased value through our first clinical studies.”
The system works by targeting a vaccine on a patch to cells just below the skin. Vaxxas’ is trying to develop vaccines for a number of major diseases, such as influenza, polio, bacterial infections, and cancer.
The technology, which was developed by a research group led by professor Mark Kendall at the Australian Institute of Bioengineering and Nanotechnology at The University of Queensland, also doesn’t need to be refrigerated during storage and transportation, a plus for applications in the developing world or remote communities.
The latest funding round was led by OneVentures. The venure firm’s MD Paul Kelly said: “The funding positions the company to establish a high-value vaccine product pipeline and initiate clinical programs.”
Vaxxas was founded in August 2011 with the completion of a $15 million in series A equity funding also led by OneVentures with co-investors Brandon Capital, the Medical Research Commercialisation Fund (MRCF), and US-based HealthCare Ventures also chipping in.
The Queensland based company also recently secured funding from the World Health Organization to evaluate the possibility of using Nanopatch for polio vaccinations.