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VaxInnate Corporation Closes $30 Million Round of Financing; Wellcome Trust Leads Round

Posted on: Wed, 06 May 2009 09:00:00 EDT

Symbols: MVTRF

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CRANBURY, N.J., May 06, 2009 (BUSINESS WIRE) --
MVTRF | Quote | Chart | News | PowerRating -- VaxInnate
Corporation, a biotechnology company pioneering breakthrough
technology that could dramatically improve the potency, manufacturing
capacity and cost effectiveness of vaccines, today announced the closing
of $30 million in new Series D financing, led by its newest investor,
The Wellcome Trust. New Leaf Venture Partners, Canaan Partners,
HealthCare Ventures, Oxford Bioscience Partners, MedImmune Ventures and
CHL Medical Ventures, representing all existing shareholders, also
participated in the financing.

The funds will be used for the development of the company's vaccines for
infectious diseases that include influenza, human papillomavirus (HPV),
respiratory syncytial virus (RSV) and dengue. Specifically, the Company
plans to fund several clinical trials, including a Phase II clinical
trial of its M2e universal flu vaccine and a Phase I clinical trial of
its seasonal flu vaccine in an elderly population.

VaxInnate is already working on a prototype swine flu vaccine that could
be available for preclinical animal studies in as early as six weeks. If
successful, VaxInnate's swine flu vaccine could be manufactured in a
matter of weeks and at volumes sufficient to rapidly meet global
vaccination needs.

"We're delighted to add The Wellcome Trust to our roster of shareholders
and gratified to see our investors' continuing interest in VaxInnate,"
said CEO Alan Shaw, PhD. "The additional funding will make it possible
for us to continue advancing our flu vaccines forward to market and to
support the application of our technology platform to vaccines for other
infectious diseases, among them HPV, RSV and the emerging swine flu."

The Wellcome Trust is the world's largest medical research charity and
the largest charity in the United Kingdom. The Wellcome Trust funds
innovative biomedical research in the UK and internationally to produce
knowledge that can be used to protect and improve human and animal
health, investing more than GBP 600 million annually to support the
brightest scientists with the best ideas.

"Wellcome is very pleased to support the development of VaxInnate's
proprietary technology and innovative vaccines, having recognized both
the scientific validation and the commercial value of its approach,"
said Julie Eskay-Eagle of The Wellcome Trust.

Eskay-Eagle, who heads the healthcare team for The Wellcome Trust's
investment division, joined the VaxInnate
Board of Directors.

"We believe VaxInnate's paradigm-shifting vaccine technology platform is
positioned to address key challenges in the marketplace at a time when
industry, government and the public sector are working together to
improve our ability to meet global health needs," said Board member Seth
Berkley, MD, president and founder of the International AIDS Vaccine
Initiative (IAVI) and a specialist in infectious disease, epidemiology
and international health. "We welcome Julie Eskay-Eagle to the VaxInnate
Board and look forward to benefiting from her experience and counsel."

About VaxInnate

VaxInnate is a privately-held biotechnology company in Cranbury, NJ that
is pioneering breakthrough
technology for use in developing novel and proprietary vaccines.
VaxInnate's technology has the potential to dramatically improve the
potency, manufacturing capacity and cost-effectiveness of vaccines.

VaxInnate's first vaccines focus on infectious
diseases, including seasonal and pandemic flu, malaria, dengue,
human papillomavirus and respiratory syncytial virus. In 2008 and 2009,
VaxInnate generated positive Phase I clinical data for its first two
vaccines, a universal flu vaccine and a seasonal flu vaccine. For more
information about VaxInnate, please visit http://www.vaxinnate.com.

SOURCE: VaxInnate Corporation


VaxInnate Corporation 
Contact: 
Janet Skidmore, 215-658-4915 
Mobile: 215-429-2917 
skidmorecomm@earthlink.net

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