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.
Previous 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, all participated in the round. They were joined
by Ariel Southeast Angel Partners, and Tech Coast Angels. AbbVie Biotech Ventures—the VC arm of the multi-billion dollar pharmaceutical
business spun out by Abbott Laboratories in January—has become Avaxia’s first
institutional investor and joined the group.
“I have been building relationships
with the angel community for many years – talking to and presenting to New
England life sciences angel groups for over 5 years,” says Avaxia CEO Barbara
Fox. “Our Series A financing was composed entirely of New England angel groups,
and we branched out to a national syndicate for the Series B. Our board and
existing angel base was instrumental in facilitating those discussions.”
Avaxia has now raised $15.5 million
in equity and about $6 million in non-dilutive grants and contracts since its
inception, Fox says.
This is the second very large angel
syndication announced this year. Recently, Savara Pharmaceuticals’,
based in Austin, Texas, raised $16 million in a round led by the Tech Coast
Angels. Three other angel networks -- Keiretsu Forum, the Central
Texas Angel Network and the North Texas Angel Network – also
participated. “Completing a Series B of this size with 100 percent angel
money is a major accomplishment,” said Sergio Gurrieri, who helped
orchestrate Tech Coast Angels evaluation of Savara. “It demonstrates Tech Coast
Angels’ increasing effectiveness at syndicating deals with other angel networks
to raise larger rounds and drive innovation.”
At that time we wrote “Here in New
England, we’ve managed a $2 Million syndication, but we’ll have to reach
higher to follow the example of our colleagues out West.” We just reached higher. Particular congratulations to the Tech Coast
Angels and the Keiretsu Forum for participating in both of these very large financings, demonstrating once again the emerging power of angel syndication.
Avaxia will primarily use the
proceeds of this round 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 David
Donabedian of 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.
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