PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Profectus Biosciences secures USD5m in series C funding

Profectus BioSciences, a clinical stage biopharmaceutical company focused on the development of vaccine candidates for chronic viral infections, has closed on a USD5m series C venture f

Profectus BioSciences, a clinical stage biopharmaceutical company focused on the development of vaccine candidates for chronic viral infections, has closed on a USD5m series C venture financing round.

Current investor Cross Atlantic Capital Partners led the round, which brings the total venture investment in Profectus to USD19m to date.

In addition to the equity financing, Profectus has entered into a USD1m equipment leasing line of credit with Fountain Partners of San Francisco. The equipment leasing will primarily be used for the purchase of laboratory equipment for Profectus’ new vaccine innovation centre in Tarrytown, New York.

Shawn Patrick O’Brien, president and chief executive officer of Profectus BioSciences, says: ‘Our success in securing the series C round and equipment financing demonstrates confidence in Profectus’ management, proprietary technology, commercial opportunity and financial management expertise. While our strategy is to principally finance Profectus’ proprietary, prime-boost vaccine programs with non-dilutive financing from government and private sources, this funding provides us with additional working capital to support general corporate activities, as well as additional R&D activities.’

Don Caldwell, chairman of the board of Profectus and chief executive of Cross Atlantic Capital Partners, adds: ‘Profectus’ broad vaccine and therapeutic pipeline focuses on key markets with major, unmet medical needs. Each of these markets represents a USD2bn opportunity. From a partnering perspective, the vaccine market has re-emerged as a key revenue generator for large pharma as pipelines have dried and favorable legislation has been implemented. We look forward to this very important transition to the clinic as Profectus readies itself for initiation of its first-in-man vaccine candidate in HIV later this year.’

Cross Atlantic Capital Partners is a venture capital firm that focuses in early to mid-stage technology companies. It currently manages four venture funds with over USD500m in total capital under management.

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured