PaxVax, Inc., a Redwood City, Calif.-based specialty vaccine company focused on travel and biodefense, closed up to $62m in financing.
It included an up to $50m secured debt financing from an investment fund managed by Pharmakon Advisors and $12m in an extension on its Series B preferred stock by existing and new investors.
This financing was secured as part of the company’s acquisition of the FDA-approved oral typhoid vaccine Vivotif® from Crucell Switzerland AG. Additional proceeds will be used to support clinical development, regulatory review and the expected global launch of PaxVax’s cholera vaccine candidate, PXVX0200, currently in Phase 3 clinical testing.
To date, PaxVax has raised $80m from equity investors including Ignition Ventures, Ignition Growth Capital and the Blue Haven Initiative. The company is also supported by grants, contracts, and awards from the NIH through the National Institute of Allergy and Infectious Diseases (NIAID), its Division of Acquired Immunodeficiency Syndrome (DAIDS) and its Division of Microbiology and Infectious Diseases (DMID), as well as the Wellcome Trust and the Bill and Melinda Gates Foundation.
Founded in 2007 and led by Kenneth Kelley, Chief Executive Officer, PaxVax seeks both financial returns through two specialty business strategies in travelers and biodefense vaccines as well as social returns by providing access to its vaccines globally and by developing vaccines addressing some of the world’s most lethal infectious diseases.
The PaxVax portfolio includes a licensed vaccine for typhoid (Vivotif®), vaccines in clinical development for cholera, anthrax, HIV, and H5N1 (pandemic bird flu) and in research for malaria, dengue, rabies and HSV.
The company maintains research and development and Good Manufacturing Practice (GMP) facilities in San Diego, California, USA, and its newly acquired facility near Bern, Switzerland.