LEXINGTON, Mass., Feb. 14, 2012 /PRNewswire/ -- Avaxia Biologics, Inc., a privately-held biotech company developing oral antibody drugs that act locally within the gastrointestinal tract, announced today that the company completed its $4.1 million Series A angel-led financing. Cherrystone Angels of Providence, Rhode Island led the round, with participation from Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical Angels, North Country Angels and other individuals.
Dr. Barbara Fox, Avaxia's founder and CEO, commented, "This investment will allow us to pursue the development of our AVX-470 anti-TNF oral antibody and prepare Avaxia to start treating patients with inflammatory bowel disease in a clinical trial this coming fall. In addition, the funding we have received from BARDA (Biomedical Advanced Research and Development Authority) to develop AVX-470 for GI Acute Radiation Syndrome provides Avaxia with resources to pursue products and value creation in two important disease areas. Having broad support from the New England angel community demonstrates the important role that angels are playing in funding early stage biotech companies and provides Avaxia with an investor network for future funding."
The funds from this Series A financing will be used to manufacture the company's orally active anti-TNF for its upcoming clinical trial and to conduct final pre-clinical studies in advance of a Phase 1B clinical trial in patients with inflammatory bowel disease. Prior to this equity round, the company raised $4.3 million in non-dilutive financing. In addition to a loan from the Massachusetts Life Sciences Center and several SBIR grants, the company was awarded a $3.0 million, 2 year contract with BARDA that fully funds the initial research and development of an oral antibody therapy to mitigate the gastrointestinal damage that follows radiation exposure that might occur after a nuclear incident. <
|SOURCE Avaxia Biologics, Inc.|
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