SCHLIEREN, Switzerland, March 5 /PRNewswire/ --
- Proceeds to Facilitate Clinical Development of Lead Conjugate Vaccine
GlycoVaxyn, a pioneer in the development of innovative conjugated vaccines, today announced the successful closing of a CHF25 million (ca. US$22 million, EUR17 million) Series B financing. The round was led by Edmond de Rothschild Investment Partners. Existing investors, Index Ventures and Sofinnova Partners, expressed their commitment to the future of the company through significant participation in this round.
Conjugated vaccines provide protection against a growing range of life-threatening bacterial infections. GlycoVaxyn has developed a proprietary technology that allows the engineering of a new type of conjugate vaccine, glycoconjugates. This innovation will enable GlycoVaxyn to address significant unmet medical needs in both industrialized and emerging countries.
The new funds will be used to advance the company's lead vaccine candidate for intestinal infections (Shigellosis), which can cause a major public health issue, into clinical development within the next 12 months. GlycoVaxyn also aims to reach key milestones in its Staphylococcus aureus, Group B meningococcal and Group A Streptococcus conjugate vaccine programs.
In conjunction with the financing, Gilles Nobecourt, Partner at Edmond de
Rothschild Investment Partners, has joined GlycoVaxyn's Board of Directors.
Of the transaction, he said: "After reviewing several investment
opportunities in the field, Edmond de Rothschild Investment Partners has come
to the conclusion that GlycoVaxyn has currently one of the most powerful new
technology platforms, which has delivered several very promising vaccine
candidates. The Company now has sufficient funds to move to the next,
clinical stage in its development. I look forward to contribute to the future
growth of this company as a Board member.
|SOURCE GlycoVaxyn AG|
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