By E. Janene Geiss
Philadelphia, Oct. 21 - The Vaccine Co. LP announced Friday that it raised $14 million from InvestBioVentures as part of a planned $20 million series C financing round to help fund a phase III trial of a treatment for acute myelogenous leukemia (AML).
In a company news release, officials said the first stage of the investment was completed Oct. 17.
InvestPrivate, Inc. acted as the placement agent for the offering, officials said.
The funding will help a pivotal phase III preclinical trial using the PR1 vaccine to treat AML patients.
The Vaccine Co. was formed in July 2003 to commercialize the PR1 vaccine that is being developed at the MD Anderson Cancer Center at the University of Texas. On Sept. 19, it received approval from the Department of Health and Human Services to being clinical trials in AML, which it expects to begin in the first quarter of 2006.
The company also announced plans to request approval to begin phase II clinical trials to treat MDS in the near future, pending completion of the series C financing, officials said.
"This is an exciting deal on many fronts and embodies our philosophy of 'Get Healthy, Get Wealthy,' helping the advancement of leukemia research for patients and investors alike," Scott Mathis, chief executive officer and chairman of InvestBio, said in the release.
| Issuer: | The Vaccine Co. LP
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| Issue: | Series C financing
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| Amount: | $20 million, $14 million raised to date
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| Placement agent: | InvestPrivate, Inc.
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| Investor: | InvestBio Ventures
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| Announcement date: | Oct. 21
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