A pharmaceutical startup gearing up for clinical trials for its antibody targeting digestive maladies has raised $6.4 million in a Series B financing round. Golden Seeds, an angel investment group that typically allocates funds to life science companies led by women entrepreneurs, co-led the financing round.
Barbara Fox is the CEO of the seven year old Avaxia Biologics. The money raised by the Lexington, Massachusetts pharmaceutical company will be used to start Phase 1b clinical trials for its lead therapeutic AVX-470 to treat ulcerative colitis, according to a company statement. It was cleared last month by the US Food and Drug Administration to begin clinical trials of the antibody to treat Crohn’s disease as well as ulcerative colitis. It expects to begin recruiting candidates at the start of 2013.
Avaxia’s antibodies are engineered to go after biological targets in the digestive tract.
Cherrystone Angel Group, an existing investor, co-led the round with Golden Seeds. Other investors participating in the round were Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical Angels, and North Country Angels; new investors the Beta Fund, Granite State Angels, the Keiretsu Forum, and Maine Angels; and individual investors.
