PaxVax Inc, which develops and commercializes innovative vaccines
against infectious diseases in a socially responsible manner, today
announced that it has completed a Series B financing round totaling $22
million. The financing was led by Ignition Growth and joined by another
existing investor, Ignition Ventures as well as new investors including
Blue Haven Initiative, a family office impact investor.
PaxVax will use the new capital to continue to fund the recently
initiated Phase 3 clinical trial program for its single-dose oral
cholera vaccine candidate, PXVX0200 (also known as CVD 103-HgR).
Approximately 3,000 participants will be enrolled in this pivotal
international program, which is comprised of cholera challenge, safety,
and immunogenicity studies. These studies are being conducted in the
U.S., Australia, and Canada for use of PXVX0200 as a traveler's vaccine.
In recognition of the lack of any available traveler's vaccine in the
U.S. against cholera, and the corresponding unmet medical need, PXVX0200
has been granted Fast Track designation by the U.S. Food and Drug
"We are grateful for the continued financial support and confidence in
our lead vaccine candidate as well as in our business model of doing
well by doing good," said Ken Kelley, Chief Executive Officer of PaxVax.
"Traditional financial investors such as Ignition and new social impact
investors such as Blue Haven can both accomplish their financial and
social goals by investing in PaxVax and advancing this novel cholera
In addition to the new capital, PaxVax also announced that the company
had previously converted $35 million of convertible debt received from
2010 to 2012. The company has raised over $68 million in capital since
PaxVax is a privately held company established in 2007 to develop and
commercialize innovative vaccines against infectious diseases. PaxVax
has a clinical-stage product portfolio, including a cholera vaccine that
recently initiated Phase 3 clinical trials and a pandemic H5N1 influenza
vaccine entering Phase 2 clinical trials. The company also has vaccines
entering Phase 1 clinical trials in HIV and anthrax under R&D contracts
with the National Institutes of Health. The company's proprietary
adenoviral-based technology platform enables the rapid development of
oral vaccines that can target any viral or bacterial protein antigen.
The company's vaccine candidates are designed to be easier to
manufacture, store, distribute, administer, and deliver across the globe
than conventional injectable vaccines while enhancing the desired immune
response to the vaccine antigens. PaxVax is headquartered in Menlo Park,
Calif., with R&D laboratories and a licensed GMP production facility
based in San Diego, Calif.
More information about PaxVax is available at www.PaxVax.com.
Maurissa Messier, 760-539-7417