Profectus BioSciences has closed on a $5 million Series C venture financing. Current investor, Cross Atlantic Capital Partners led the round, which brings the total venture investment in Profectus to $19 million to date.
In addition to the equity financing, Profectus has entered into a $1 million equipment leasing line of credit with Fountain Partners of San Francisco, Californai. The equipment leasing will primarily be used for the purchase of laboratory equipment for Profectus’ new vaccine innovation center in Tarrytown, New York.
Shawn O’Brien, president and chief executive officer of Profectus BioSciences, said: “Our success in securing the Series C round and equipment financing demonstrates confidence in Profectus’ management, proprietary technology, commercial opportunity and financial management expertise. While our strategy is to principally finance Profectus’ proprietary, prime-boost vaccine programs with non-dilutive financing from government and private sources, this funding provides us with additional working capital to support general corporate activities, as well as additional R&D activities.”