PaxVax obtains up to $62 million in financing

PaxVax, Inc., a biodefense and travel vaccine company, announced on Monday that it secured up to $62 million in financing as part of its acquisition of an oral typhoid vaccine.

PaxVax acquired Vivotif, a U.S. Food and Drug Administration-approved oral typhoid vaccine, from Crucell Switzerland. The company's portfolio also includes candidates for anthrax, HIV and H5N1 pandemic bird flu vaccines, according to a PaxVax press release.

The company will use additional proceeds from the financing to support clinical development, regulatory review and the anticipated global launch of PXVX0200, a cholera vaccine candidate.

"With its recent acquisition of Vivotif from Crucell, PaxVax has emerged as an exciting new player in the global travel vaccine market," Martin Friedman, the managing member of Pharmakon Advisors, said. "We are pleased to be partnering with PaxVax in support of their efforts to build a world-class vaccine company."

The financing included up to $50 million in secured debt financing from an investment fund managed by Pharmakon Advisors. It also received $12 million in an extension on its Series B preferred stock. PaxVax has raised up to $80 million from equity investors and is supported by grants from the National Institutes of Health, 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," Kenneth Kelley, the CEO of PaxVax, said. "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."

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