Avaxia Biologics, a US-based, clinical-stage biopharmaceutical company developing gut-targeted therapeutics, has raised $11.4 million in series B funding, in which US-based pharmaceutical company Abbvie participated.
Early stage financial investors Cherrystone Angels and Golden Seeds co-led the round, and together with Abbvie were joined by Ariel Southeast Angel Partners and Tech Coast Angels. Return backers were Beacon Angels, Boston Harbor Angels, Launchpad Venture Group, Mass Medical Angels, North Country Angels, the Beta Fund, Granite State Angels, the Keiretsu Forum and Maine Angels.
Barbara Fox, chief executive officer of Avaxia, said: “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 Abbvie join our board and engage their expertise in gastroenterology as we advance the development of innovative, gut-targeted therapeutics like AVX-470.”