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news.LigoCyte Pharmaceuticals has successfully finalized an agreement for a $28 million venture capital financing round to further clinical development of its two lead vaccines against norovirus and influenza.
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The private equity investment is being led by Forward Ventures, Jafco, and Novartis Venture Fund, with significant participation from Fidelity Biosciences and MedImmune Ventures. Additional investors include Athenian Venture Partners and MC Life Sciences Ventures (Mitsubishi International). Seaview Securities serves as the placement agent for the transaction.
LigoCyte, which develops products based on its virus-like particle (VLP) and monoclonal antibody technologies, has focused efforts on vaccines for important gastrointestinal and respiratory markets. In particular, the company is currently completing a Phase I clinical study of the norovirus vaccine and plans to commence a live-virus challenge study in human volunteers.
Donald Beeman, LigoCyte’s CEO, said: “We are especially pleased with the mix of institutional and strategic investors in this series C round of financing. These resources will fund LigoCyte through critical proof of principle of our later-stage development candidates.”