BioPharma, Startups

VaxInnate keeps slowly raising capital for seasonal flu vaccine

VaxInnate, a New Jersey startup, has raised more equity - on top of $53 million in government contracts - to develop a seasonal and pandemic flu vaccine.

New Jersey startup VaxInnate keeps slowly raising capital as it moves forward in clinical trials for a new flu vaccine. The company has raised $3.3 million of a proposed $4.3 million equity round, according to an SEC filing.

On top of that, VaxInnate has a contract set up with BARDA for up to $53 million in non-dilutive funding to develop a seasonal and pandemic influenza vaccine. Last year, it also raised $6 million in equity.

The company launched a Phase 2 study of its VAX2012Q seasonal influenza vaccine this past June, and expects top-line results soon, it said in a release. It’s made up of four strains of the virus that are each fused to a flagellin protein, which acts like a toll-like receptor ligand. These tend to activate the immune system. In Phase 1 studies, a low dosage of the vaccine showed immunogenic effects, VaxInnate says.

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