Small private biotechs raise money in mostly early-stage financing

A trio of biotechs is looking to raise funds, to either kick operations off or to build up resources.

Moat Biotechnology, a biotech out of Oklahoma City focusing on intranasal or inhaled adenovirus vaccines, announced Tuesday that it raised $6.5 million in its first close — after launching the company and kicking off an initial funding round back in September.

Its co-founders — Scott Rollins and Russell Rother — are former Alexion executives, according to their LinkedIn profiles. Rollins, listed as one of Alexion’s co-founders and former head of drug development, left the company in 2008. Rother, Alexion’s former science chief, left in 2010.

The funding raised so far will be used to expand an ongoing Phase I trial in Australia for an intranasal or inhaled Covid-19 vaccine boost and also fund the development of more vaccines.

The company holds a license from the Mayo Clinic for a vaccine platform called SC-AdVax — which the company claims can target cells in the respiratory or gastrointestinal tracts, with the goal of mucosal and systemic immunity. The company said it’s an advancement over other vaccines, including mRNA vaccines.

Greg Merril

Also on Tuesday, Adaptive Phage Therapeutics, a Maryland-based bacterial infection-focused biotech, said that it closed $12 million from funds managed by Deerfield Management and a fund called the AMR Action Fund in a Series B1 round. The goal for the round is to raise $30 million.

Greg Merril, APT CEO and co-founder, said in a statement that the funding “will allow us to advance our lead clinical programs related to musculoskeletal infections, including prosthetic joint infections and diabetic foot osteomyelitis.”

Ian Hardy, VP of CMC at Deerfield Discovery and Development, is also joining APT’s board.

CancerVax, a biotech developing a universal cancer vaccine, announced that it is looking to raise $10 million. Aside from the universal vaccine targeting multiple undisclosed cancers, CancerVax said it is also looking at an immunotherapy for Ewing sarcoma, a rare cancer that primarily targets children and young adults.

CEO Ryan Davies said in a statement that the biotech is working with a team at researchers at UCLA to help develop the treatments, with exclusive rights to license any IP and technology resulting from the research.

CancerVax has raised $2 million in seed funding so far, and the biotech is looking to raise the $10 million via StartEngine, an equity crowdfunding platform.

therapeutics
immunotherapy
vaccines
biotech
respiratory
prosthetic
fund