Avaxia Biologics, Inc., a Lexington, MA-based biotech company developing oral antibody drugs that act locally within the gastrointestinal tract, completed a $4.1m Series A angel financing.
The round was led by Cherrystone Angels of Providence, Rhode Island, with participation from Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical Angels, North Country Angels and other individuals.
The company intends to use the capital to manufacture its orally active anti-TNF for its upcoming clinical trial and to conduct final pre-clinical studies in advance of a Phase 1B clinical trial in patients with inflammatory bowel disease. Avaxia also received funding from BARDA (Biomedical Advanced Research and Development Authority) to develop AVX-470 for GI Acute Radiation Syndrome.
Led by founder and CEO Dr. Barbara Fox, the company develops oral antibody therapeutics that act locally within the gastrointestinal tract for inflammatory bowel disease, GI acute radiation syndrome, celiac disease, oral mucositis, diabetes and obesity.
In conjunction with the funding, Mr. Henry Kay, a member of Boston Harbor Angels and Launchpad Venture Group, has joined Avaxia’s board.