- Proceeds to Facilitate Clinical Development of Lead Conjugate Vaccine
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SCHLIEREN, Switzerland, March 5SCHLIEREN, Switzerland, March 5 /PRNewswire/ -- GlycoVaxyn, a pioneer in the development of innovative conjugated vaccines, today announced the successful closing of a CHF25 million (ca. US$22 million, EUR17 million) Series B financing. The round was led by Edmond de Rothschild Investment Partners. Existing investors, Index Ventures and Sofinnova Partners, expressed their commitment to the future of the company through significant participation in this round.
Conjugated vaccines provide protection against a growing range of life-threatening bacterial infections. GlycoVaxyn has developed a proprietary technology that allows the engineering of a new type of conjugate vaccine, glycoconjugates. This innovation will enable GlycoVaxyn to address significant unmet medical needs in both industrialized and emerging countries.
The new funds will be used to advance the company's lead vaccine candidate for intestinal infections (Shigellosis), which can cause a major public health issue, into clinical development within the next 12 months. GlycoVaxyn also aims to reach key milestones in its Staphylococcus aureus, Group B meningococcal and Group A Streptococcus conjugate vaccine programs.
In conjunction with the financing, Gilles Nobecourt, Partner at Edmond de Rothschild Investment Partners, has joined GlycoVaxyn's Board of Directors. Of the transaction, he said: "After reviewing several investment opportunities in the field, Edmond de Rothschild Investment Partners has come to the conclusion that GlycoVaxyn has currently one of the most powerful new technology platforms, which has delivered several very promising vaccine candidates. The Company now has sufficient funds to move to the next, clinical stage in its development. I look forward to contribute to the future growth of this company as a Board member."
"Under the leadership of CEO Philippe Dro, GlycoVaxyn has established the solid fundamentals required to raise funding in the current economic downturn," noted Michel Greco, Chairman of GlycoVaxyn. "The company is well financed for the move into clinical trials and as the team continues to deliver on its business strategy, we look forward to the additional support from our new Board member, Gilles."
About GlycoVaxyn
GlycoVaxyn has built a broad portfolio of novel conjugate vaccines against common severe bacterial infections based on its unique, proprietary in-vivo glycosylation platform. With this platform, the company can develop and produce immunogenic glycoproteins in a simplified biological process that circumvents many of the difficulties involved in current methods. The lead conjugate vaccines in development are directed against Shigella dysenteriae, to prevent serious intestinal infections, and against hospital acquired Staphylococcus aureus. GlycoVaxyn also has active programs against N. meningitidis and Group A Streptococcus. GlycoVaxyn, a spin-out of the Swiss Federal Institute of Technology (ETH), is based in Schlieren, near Zurich, Switzerland. For further information, visit http://www.glycovaxyn.com.
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