PaxVax, Inc., a Menlo Park, California-based vaccine developer, announced on Wednesday that it completed a $22 million financing round, which it will use to fund a clinical trial program for its cholera vaccine candidate.
PaxVax will use the capital from its Series B financing round to continue to fund its recently initiated Phase III clinical trial program for PXVX0200, its single-dose oral cholera vaccine candidate. The program is comprised of cholera safety, challenge and immunogenicity studies.
"We are grateful for the continued financial support and confidence in our lead vaccine candidate as well as in our business model of doing well by doing good," Ken Kelley, the CEO of PaxVax, said. "Traditional financial investors such as Ignition (Growth) and new social impact investors such as Blue Haven (Initiative) can both accomplish their financial and social goals by investing in PaxVax and advancing this novel cholera vaccine."
The studies are being conducted in Canada, Australia and the U.S. to determine if PXVX0200 can be used as a traveler's vaccine. The PXVX0200 was granted fast track designation by the U.S. Food and Drug Administration, given the lack of any available traveler's vaccine in the U.S. against cholera.
Since its inception in 2007, PaxVax raised more than $68 million in capital.