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Biotechnology company completes $23.1M series B financing.
2004 APR 7 - (NewsRx.com & NewsRx.net) -- VaxInnate Corporation has completed a $23.1 million, series B financing to advance the development of next-generation preventative vaccines and immune therapies for infectious disease and cancer.
The company's products are based on a proprietary technology platform that capitalizes on recent breakthroughs in understanding innate (natural) immunity. New investors, HealthCare Ventures, Oxford Bioscience Partners LLC and MedImmune Ventures, Inc., joined the existing investor, CHL Medical Partners, in the financing.
In addition, the company announced the appointment of Carlo Russo, MD, as president and chief executive officer (chief executive officer). Dr. Russo has been a leading expert in immunology and vaccine development for over 20 years.
He joins the company from Merck Research Laboratories where, as Executive Director and head of the Global Strategic Regulatory Development, he oversaw the development of innovative vaccines including vaccines against HIV, human papilloma virus, rotavirus, and combination pediatric vaccines.
"Dramatic advances in immune biology have set the stage for potent and specific new products for diseases that affect large populations today, as well as for emerging diseases," said Augustine Lawlor, general partner at HealthCare Ventures, which led the financing.
"VaxInnate's scientific founders have pioneered these advances. With the appointment of Carlo Russo, the company has a leader with an outstanding track record in vaccine development."
VaxInnate's proprietary VaxIne Platform Technology is based on recent scientific breakthroughs in understanding the molecular basis of innate (natural) immunity and its role in regulating the body's adaptive (acquired) immune response.
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