Avaxia Biologics, Inc., a Lexington, MA-based biotech company developing oral antibody drugs that act locally within the gastrointestinal tract, completed a $2.2m first close of a Series A financing.
The round was led by Cherrystone Angels, with participation from Boston Harbor Angels and other undisclosed individuals.
Led by founder and CEO Dr. Barbara Fox, Avaxia uses its proprietary antibody platform to develop products for inflammatory bowel disease, GI acute radiation syndrome, celiac disease, oral mucositis, diabetes and obesity.
The company intends to use the funding to continue to develop its AVX-470 anti-TNF oral antibody and prepare to initiate a clinical trial in inflammatory bowel disease next fall.
In conjunction with the funding, Mr. Robert Manning, co-Chairman of Cherrystone Angels, will join Avaxia’s board.