The round was also backed by new investors AbbVie, Ariel Southeast Angel Partners and Tech Coast Angels as well as existing investors 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.
Avaxia specialises in gut-targeted therapeutics, or orally administered, minimally absorbed drugs that are designed to act locally in the gastrointestinal tract.
The company’s lead candidate is AVX-470, which is an oral anti-TNF antibody for inflammatory bowel disease.
Avaxia CEO Barbara Fox 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.”
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