Vaxess is a Cambridge-based life sciences company developing a shelf-stable vaccine patch. In November, the company raised $27 million to fund clinical trials for its tech.
A few months later, Vaxess raised an additional $10 million from investors RA Capital, The Engine and Mission BioCapital. With the new capital announced on Tuesday, the Series B round closed at $37 million.
Vaxess’s technology works by administering vaccines and medicines through a patch that stimulates the pace of a natural infection which causes a strong immune response in the body. According to the company, the patch does not need to be refrigerated, allowing it to be easily shipped.
According to the company, the new investment results from a successful phase I clinical trial.
“Given the novelty of our vaccine patch platform, Vaxess’s Series B financing was structured in two tranches, where the final trache was dependent on the initial results from the phase 1 trial. We are thrilled to receive this additional support from existing investors as a result of the very promising phase 1 data,” Michael Schrader, CEO of Vaxess, said in a statement.
The phase 1 trial was conducted on 45 healthy patients. They reported no serious effects from using the patch.
According to Vaxess, its patches will help increase accessibility to vaccines.
Similar to Vaxess, another Cambridge-based healthtech company recently raised funding to develop needle-free vaccine delivery. In December, Vaxxas raised $23 million in a round co-led by OneVentures and UniQuest. Vaxxas also planned to use its new capital to conduct clinical trials on its device.
