|[July 28, 2014]
Specialty Vaccine Company PaxVax Secures Up to $60 Million in Financing
REDWOOD CITY, Calif. --(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, contracs, 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
"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.
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