Vaxess Technologies, a Cambridge, MA-based biotechnology company, closed the final tranche of an $8.2m Series A funding round.
The round was led by The Engine, which included participation from Bioinnovation Capital.
The company, which has raised more than $22m in both grant and equity funding to date, intends to use the funds to continue to advance its development efforts.
Led by Michael Schrader, CEO and co-founder, Vaxess Technologies is a biotechnology company developing proprietary sustained release smart delivery technologies originally developed at Tufts University and MIT.
The company’s MIMIX platform enables sustained dermal delivery of a wide range of therapeutics and vaccines. It is placed on the skin for a few minutes, yet the system continues to deliver the active product for anywhere from days to weeks.
The product does not require refrigeration and can be ordered, shipped, and applied at home, all without a visit to the doctor.
Additionally, Vaxess today announced the appointment of drug delivery and development veteran Dr. Purnanand Sarma to the board of directors. Dr. Sarma brings extensive experience in all aspects of the pharmaceutical business. He currently serves as the President and Chief Executive Officer of Immunome, a biotechnology company developing therapeutics leveraging educated components of the immune system from patients.
Until recently, he served as the President & CEO of TARIS Biomedical, where he raised more than $100 million in equity financing, drove multiple products into the clinic, and entered into a deal worth up to $587 million with Allergan all based on the company’s proprietary sustained release drug delivery system.