Avaxia Biologics, a Lexington, MA-based biopharmaceutical company, completed a $11.4m Series B financing.
The round was led by Cherrystone Angels and Golden Seeds, with participation from new investors AbbVie Inc., Ariel Southeast Angel Partners and Tech Coast Angels as well as existing investors Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical Angels, North Country Angels, the Beta Fund, Granite State Angels, the Keiretsu Forum and Maine Angels. In connection with the financing, AbbVie will take a seat on Avaxia’s board of directors.
The company intends to use the funds to advance the clinical development of its lead program, AVX-470, for the treatment of inflammatory bowel disease (IBD).
Led by Barbara S. Fox, CEO, Avaxia Biologics leverages its proprietary oral antibody platform to develop gut-targeted therapeutics, which are orally administered, minimally absorbed drugs that are designed to act locally in the gastrointestinal tract. Its lead clinical candidate, AVX-470, is an oral anti-TNF antibody for inflammatory bowel disease (IBD).