Allows for Non-Dilutive Funding of $53 Million
Cranbury, NJ, Feb. 17, 2015 -- VaxInnate Corporation, a biotechnology firm pioneering a breakthrough vaccine technology, today announced that it has executed a contract modification with the U.S. Department of Health and Human Services, Biomedical Advanced Research and Development Authority (BARDA) to extend the base period of its current contract (HHSO100201100011C) through February 2016. This extension was granted by the government following completion of an In Process Review (IPR) based on the Company's milestone performance to date. It allows for the use of approximately $53 million of remaining funds from the base period to be applied to the development of both the seasonal quadrivalent and pandemic influenza vaccine candidates. VaxInnate was originally awarded the contract with BARDA in February 2011.
"We are committed to identifying, wherever possible, non-dilutive financing to drive our development programs forward," commented Wayne Pisano, VaxInnate's president and chief executive officer. "We appreciate the continued support of BARDA and look forward to advancing our seasonal and pandemic influenza programs. That includes our planned Phase 2 study of VAX2012Q in individuals aged 18-64 starting in 2015, and our planned Phase 1 and 2 studies of our pandemic vaccine candidate."
VAX2012Q is an investigational seasonal influenza vaccine comprised of four strains that are each fused to a flagellin protein, which acts as a toll-like receptor (TLR) ligand. The TLR class of proteins is known to activate the innate immune system, which in turn enhances the adaptive immune response to vaccines. In a Phase 1 study of 316 healthy adults aged 18-40, doses of VAX2012Q as low as 2 mcg per component were shown to be immunogenic, with mean seroprotection rates exceeding 90% for each of the four vaccine components at the day 21 clinic visit. The vaccine was generally well-tolerated, with mild to moderate arm pain the most commonly reported adverse event. VAX2012Q is currently enrolling healthy adults aged 65-75 in a double-blind, randomized, placebo-controlled Phase 1b/2 study.
Powerful Vaccine Technology Platform
VaxInnate's technology platform is based on proprietary toll-like receptor (TLR) technology, which potentiates the immune response. The TLR technology genetically fuses vaccine antigens to the bacterial protein flagellin, and this sequentially triggers the innate and adaptive immune systems. Using this technology, vaccines can be produced using low-cost, highly scalable recombinant DNA techniques, thus avoiding many of the challenges of conventional vaccine production. This technology has the potential for production of significantly greater quantities of vaccine in rapid timeframes, with very low infrastructure costs.
VaxInnate is a privately held biotechnology company in Cranbury, NJ that is pioneering a breakthrough technology platform for use in developing novel and proprietary vaccines. Influenza vaccines manufactured using this technology have demonstrated excellent immunogenicity in the elderly population, a group that is typically less responsive to influenza vaccines. VaxInnate's vaccines focus on infectious diseases, including seasonal and pandemic influenza, Clostridium difficile and dengue. VaxInnate's ongoing studies of seasonal and pandemic flu vaccines are significantly funded under Contract No. HHSO100201100011C with the Office of the Assistant Secretary for Preparedness and Response, Biomedical Advanced Research and Development Authority (BARDA), Department of Health and Human Services (HHS).
To learn more about VaxInnate and to explore the company's technology platform, please visit the website at www.vaxinnate.com.