Avaxia Biologics Closes Series B Financing with Total Proceeds of $11.4
LEXINGTON, Mass. -- June 7, 2013
Avaxia Biologics, Inc., a clinical-stage biopharmaceutical company developing
gut-targeted therapeutics, announced today that the company closed its Series
B financing with total proceeds of $11.4 million. The round was led by
Cherrystone Angels and Golden Seeds. New investors AbbVie Inc., Ariel
Southeast Angel Partners, and Tech Coast Angels joined existing investors
Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical
Angels, North Country Angels, the Beta Fund, Granite State Angels, the
Keiretsu Forum, Maine Angels, and individual investors. In connection with the
financing, AbbVie will join the board of directors. Avaxia will primarily use
the proceeds to advance the clinical development of its lead program, AVX-470,
for the treatment of inflammatory bowel disease (IBD).
“The Series B financing represents an important milestone for Avaxia in the
process of developing a safe, effective, oral therapy for patients suffering
from IBD. We’re pleased to have AbbVie join our board and engage their
expertise in gastroenterology as we advance the development of innovative,
gut-targeted therapeutics like AVX-470,” said Barbara S. Fox, CEO of Avaxia.
About Inflammatory Bowel Disease
Inflammatory bowel disease (IBD) is a serious disease that has a major
societal impact. IBD refers to two related but different diseases: ulcerative
colitis and Crohn's disease. More than 2.5 million people are afflicted with
IBD. These diseases cause chronic inflammation of the intestinal tract, which
leads to a variety of debilitating symptoms resulting in a significant
reduction in quality of life and the risk of life-threatening complications
and diseases, including cancer. A chronic disease, IBD is characterized by
periods of active disease alternating with periods of disease control
(remission). The annual worldwide market for IBD medications exceeds $4.5
billion, approximately $2.5 billion of which represents sales of currently
marketed anti-TNF antibodies.
AVX-470 is a gut-targeted anti-TNF antibody that has the potential to be a
transformative first-line therapy for inflammatory bowel disease (IBD).
Currently marketed anti-TNF antibodies are injected and distribute throughout
the body to block specific parts of the immune system that play a role in
inflammation. Evidence from current clinical practice suggests that if safety
can be improved, patient outcomes may be enhanced when anti-TNF therapy is
initiated earlier in the course of IBD treatment. AVX-470 is an orally
administered anti-TNF antibody that targets its immunosuppressive effects to
the gastrointestinal tract to minimize the potential for side effects in other
parts of the body. This potential to confine immunosuppression to where the
disease occurs differentiates AVX-470 from other anti-TNF antibodies and
offers the possibility for AVX-470 to become a first-line therapy for the
treatment of IBD. Earlier this year, Avaxia initiated a Phase 1b clinical
trial of AVX-470 in patients with active ulcerative colitis.
About Avaxia Biologics
Avaxia is a leader in the growing field of gut-targeted therapeutics — orally
administered, minimally absorbed drugs that are designed to act locally in the
gastrointestinal tract. Avaxia’s lead clinical candidate, AVX-470, is an oral
anti-TNF antibody for inflammatory bowel disease (IBD). This transformative
product offers potentially improved safety and efficacy by focusing immune
suppression only where needed in the diseased gut. Avaxia is using its
proprietary oral antibody platform to develop gut-targeted therapeutics to
address other serious diseases such as type 2 diabetes, celiac disease, GI
acute radiation syndrome, and oral mucositis. Avaxia controls all rights to
its products and programs, and is actively seeking collaborations in these and
other areas. www.avaxiabiologics.com
Avaxia Biologics, Inc.
Barbara S. Fox, Ph.D.
Chief Executive Officer
Michael D. Rivard, 781-861-0062
VP Corporate Development
MacDougall Biomedical Communications
Jen Conrad or Charles Liles, 781-235-3060
email@example.com or firstname.lastname@example.org
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