Proceeds to Support New European Operations and Clinical Development, Regulatory Review and Anticipated Global Launch of Late-Stage Cholera Vaccine Candidate
REDWOOD CITY, Calif., Jul 28, 2014 (BUSINESS WIRE) -- PaxVax, Inc., a specialty vaccine company focused on travel and biodefense, today announced that it has closed up to $50 million in secured debt financing from an investment fund managed by Pharmakon Advisors and $12 million in an extension on its Series B preferred stock. This financing was secured as part of the company's acquisition of the FDA-approved oral typhoid vaccine Vivotif® from Crucell Switzerland AG, also announced today. Additional proceeds from this financing 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.
"With its recent acquisition of Vivotif from Crucell, PaxVax has emerged as an exciting new player in the global travel vaccine market," said Martin Friedman, Managing Member of Pharmakon Advisors. "We are pleased to be partnering with PaxVax in support of their efforts to build a world-class vaccine company."
The $12M Series B extension was funded by existing and new investors. To date, PaxVax has raised $80 million 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.
"This financing strengthens PaxVax's capital position as we commence commercial operations with our acquisition of Vivotif and prepare for the anticipated regulatory approval of our cholera vaccine candidate next year," said Kenneth Kelley, Chief Executive Officer of PaxVax. "We look forward to working with Pharmakon, and all our investors, as we continue to execute on our strategy to build the world's leading specialty vaccine company."
Founded in 2007, PaxVax is a fully integrated specialty vaccine company with a mission to protect people from infectious diseases. The company 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. PaxVax is headquartered in Redwood City, California and maintains research and development and Good Manufacturing Practice (GMP) facilities in San Diego, California, USA, and its newly acquired facility near Bern, Switzerland. More information is available at www.PaxVax.com .
About Pharmakon Advisors
Investment funds managed by Pharmakon Advisors have raised over $1 billion to provide financing to commercial stage companies in the biotech, specialty pharma, diagnostic and medical device industries. Pharmakon Advisors' management team has a long and successful track record of structuring and investing in secured financings to life sciences companies. To date, Pharmakon Advisors has structured and executed thirteen financings.
SOURCE: PaxVax, Inc.
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