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An Australian venture capital firm has announced that Vaxxas, one of its portfolio investment companies,听 has successfully raised $25 million to advance its clinical programs and develop a pipeline of vaccine products for major diseases using its patented technology.
The Nanopatch is a vaccine that, instead of using a needle and syringe, employs microscopic projections to deliver the product. It delivers to key immune cells just below the first layer of skin, avoiding sensitive nerve endings and using as little as one hundredth of the dose typically used in injection.
It was originally developed by Professor Mark Kendall's research group at the Australian Institute of Bioengineering & Nanotechnology at The University of Queensland.
Nanopatch is also temperature stable, meaning its distribution cost is considerably less and it can be taken to parts of the world where cold infrastructure is non-existent or unreliable.
Vaxxas Pty Ltd Chairman Dr Paul Kelly MD said there is tremendous potential for the product, with the funding exceeding the original target of $10 million.
鈥淭he company is now well positioned to establish a high-value vaccine product pipeline and initiate clinical programs,鈥� Dr Kelly said.
The company's CEO David L. Hoey said: 鈥淥neVentures are a world-class investment team committed to fostering Australian innovation and they have been terrific to work with throughout the financing process. The strong result achieved through their leadership in Series B will enable Vaxxas to expand its investment in Australia鈥檚 best scientists and engineers as we听embark on a series of clinical programs that will address significant global markets.鈥�
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