Avaxia Biologics, Inc., a Lexington, MA-based clinical-stage biopharmaceutical company developing gut-targeted therapeutics, raised $6.4m in Series B financing.
The round was led by existing investor Cherrystone Angels and new investor Golden Seeds, with participation from
– existing investors 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 unnamed individual investors.
Led by Barbara S. Fox, CEO, Avaxia is using its proprietary oral antibody platform to develop gut-targeted therapeutics to address many other serious diseases such as type 2 diabetes, celiac disease, GI acute radiation syndrome and oral mucositis.
The company intends to use the capital to fund a first-in-human Phase 1b clinical trial of its oral anti-TNF antibody, AVX-470, for the treatment of ulcerative colitis. As a gut-targeted therapeutic, AVX-470 is designed to act locally in the gastrointestinal tract to suppress inflammation and treat inflammatory bowel disease (IBD), which includes ulcerative colitis and Crohn’s disease. In November 2012, Avaxia’s investigational new drug (IND) application was cleared by the FDA, and patient enrollment is expected to begin in early 2013.