Navigation Links
Avaxia Biologics, Inc. Raises $2.2 Million in First Closing of Series A Financing to Advance Oral Antibodies for Inflammatory Bowel Disease
Date:11/10/2011

LEXINGTON, Mass., Nov. 10, 2011 /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 first close of $2.2 million of a Series A angel-led financing. Cherrystone Angels of Providence, Rhode Island led the round, with participation from Boston Harbor Angels and other undisclosed individuals. Mr. Robert Manning, the co-Chairman of Cherrystone Angels, will join the Avaxia board. Mr. Manning has served as a senior executive at Citigroup and on a number of early-stage company boards, including SmartCells.

Dr. Barbara Fox, Avaxia's founder and CEO, commented, "This investment will allow us to aggressively pursue the development of our AVX-470 anti-TNF oral antibody and prepare Avaxia to initiate a clinical trial in inflammatory bowel disease next fall. When coupled with the funding we have received from BARDA (Biomedical Advanced Research and Development Authority) to develop AVX-470 for GI Acute Radiation Syndrome, our investors have a unique opportunity to participate in the rapid creation of value in two important disease areas. We are in advanced discussions with a limited number of other qualified investors as we work to complete this planned round of financing. The angel community's response to Avaxia has been very gratifying."

The funds from this financing will be used to manufacture drug to be used in the clinical trial and to conduct final pre-clinical studies in advance of a Phase 1b clinical trial in patients with inflammatory bowel disease, being planned for the second half of 2012. The company has raised $4.3 million in non-dilutive financing prior to this equity round. In addition to a loan from the Massachusetts Life Sciences Center and several SBIR grants, the company was awarded a $2.9 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.

About Cherrystone Angel Group:  The Cherrystone Angel Investor Group, based in Providence, Rhode Island, offers early stage investment funds to companies in Rhode Island, Connecticut and Massachusetts.

About Avaxia Biologics, Inc.:  Avaxia Biologics is a development-stage company developing oral antibody therapeutics that act locally within the gastrointestinal tract. The antibodies are designed to treat both diseases of the GI tract and metabolic diseases. Using its proprietary antibody platform, Avaxia is developing products for inflammatory bowel disease, GI acute radiation syndrome, celiac disease, oral mucositis, diabetes and obesity.


'/>"/>
SOURCE Avaxia Biologics, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Avaxia Biologics Awarded Phase I SBIR Grant to Develop Antibody Therapeutic for Oral Mucositis
2. Dr. Lester Mandelker to Collaborate with Nuovo Biologics, LLC
3. Oncobiologics, Inc. to Unveil New Biologics Proof-of-Concept Engine at BIO International Convention
4. Reportlinker Adds Biotechnology Industry 2010 Yearbook - Top Biologics, Biosimilars, Licensing and Financing, Mergers and Acquisitions
5. ImaginAb, Inc. and BZL Biologics, LLC Conclude Licensing Agreement for Imaging Rights to huJ591/Prostate-Specific Membrane Antigen (PSMA)
6. LaVoie Group Adds Bio-Surgery Company, Pegasus Biologics, to Its Life Sciences Agency Roster
7. DLVR Therapeutics Inc. Raises Additional Capital Adding MaRS Innovation to Investor Base
8. Cleave Biosciences Raises $42 Million in Series A Financing for Novel Cancer Therapies
9. Dyadic International Raises $3 Million in Private Placement of Convertible Notes
10. Creabilis Raises €15M ($20M) in Series B Fundraising Round
11. SironRX Therapeutics Raises $3.4 Million Series A
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... June 24, 2016 , ... Researchers at the Universita Politecnica ... in people with peritoneal or pleural mesothelioma. Their findings are the subject of a ... , Diagnostic biomarkers are signposts in the blood, lung fluid or tissue of ...
(Date:6/23/2016)... 2016 A person commits a crime, and the ... track the criminal down. An outbreak of foodborne ... Administration (FDA) uses DNA evidence to track down the bacteria ... far-fetched? It,s not. The FDA has increasingly used a complex, ... foodborne illnesses. Put as simply as possible, whole genome sequencing ...
(Date:6/23/2016)... FRANCISCO , June 23, 2016   EpiBiome ... has secured $1 million in debt financing from Silicon ... ramp up automation and to advance its drug development ... its new facility. "SVB has been an ... beyond the services a traditional bank would provide," said ...
(Date:6/23/2016)... BEACH, Calif. , June 23, 2016  Blueprint ... new biological discoveries to the medical community, has closed ... co-founder Matthew Nunez . "We have ... us with the capital we need to meet our ... will essentially provide us the runway to complete validation ...
Breaking Biology Technology:
(Date:6/1/2016)... , June 1, 2016 Favorable ... Election Administration and Criminal Identification to Boost Global Biometrics ... recently released TechSci Research report, " Global Biometrics Market ... Competition Forecast and Opportunities, 2011 - 2021", the global ... by 2021, on account of growing security concerns across ...
(Date:5/12/2016)... -- WearablesResearch.com , a brand of Troubadour Research ... the Q1 wave of its quarterly wearables survey. A ... to a program where they would receive discounts for ... "We were surprised to see that so ... , CEO of Troubadour Research, "primarily because there are ...
(Date:4/28/2016)... , April 28, 2016 First quarter ... (139.9), up 966% compared with the first quarter of 2015 ... totaled SEK 589.1 M (loss: 18.8) and the operating margin was ... (loss: 0.32) Cash flow from operations was SEK 249.9 ... 2016 revenue guidance is unchanged, SEK 7,000-8,500 M. The ...
Breaking Biology News(10 mins):