Australia's Vaxxas has garnered about $16.46 million in venture capital financing to support development of its Nanopatch delivery technology, which the company says could drastically change how vaccines are delivered. The biotech's technology originated in the labs of Professor Mark Kendall at the University of Queensland. Vaxxas says its Nanopatch is smaller than a postal stamp and is superior to traditional vaccines because they are cheaper, less painful and easier to transport than syringe-delivered vaccines. And early animal studies show the vaccine delivery system is 150 times more effective than syringes.
OneVentures led the round with support from Brandon Capital, the Medical Research Commercialisation Fund (MRCF), the Brisbane Angels, and Boston-based Health Care Ventures.
"Access and affordability are key drivers in the global market for vaccines, and the Nanopatch technology is responding to that industry demand," noted Vaxxas director Dean Moss in a statement. "Professor Kendall and his team will continue to develop the innovation while Vaxxas develops the strategy for launching the technology globally," he said. Moss added that the funding would help the company gain proof-of-concept research in humans.
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