PaxVax Secures $62 Million in FundingMonday, July 28, 2014
PaxVax, Inc., a Redwood City-based vaccine company with manufacturing facilities in San Diego, announced that it has secured up to $62 million in additional funding as part of the acquisition of an oral typhoid vaccine, Vivotif, from Crucell Switzerland AG.
About $50 million of the new capital is in secured debt financing from an investment fund managed by Pharmakon Advisors, and $12 million is an extension on its Series B preferred stock. Proceeds from this financing will be used to support clinical development, regulatory review and the global launch of PaxVax’s cholera vaccine, PXVX0200, which is currently in Phase 3 clinical testing, according to PaxVax.
PaxVax has raised $80 million from equity investors to date, including Ignition Ventures, Ignition Growth Capital and the Blue Haven Initiative. The series B extension was funded by new and existing investors.