Vaxess Announces $27M in Series B Funding

Company focused on creating shot-free future of vaccines; first human trial of Vaxess MIMIX™ vaccine patch will focus on administering influenza vaccine

CAMBRIDGE, Mass., November 2, 2022 — Vaxess Technologies, Inc., a life sciences company developing a shelf-stable, sustained-release vaccine patch, today announced the closing of its Series B funding. Vaxess closed the $25 million round in 2021, led by RA Capital Management with additional investors including MIT’s The Engine and Mission BioCapital. In addition, Global Health Investment Corporation (GHIC) recently invested $2 million as a strategic investor. The money raised brings the company’s total funding from grants and venture capital to more than $55 million.

“The days of vaccines being associated with making appointments, traveling to clinics, and receiving uncomfortable shots will soon come to an end,” said Vaxess CEO and Co-founder Michael Schrader. “Vaxess is working towards a future where vaccines for the majority of illnesses — from flu to COVID — move out of the clinic and into remote locations, ranging from workplaces to schools to the home. Instead of going to a pharmacy or doctor’s office to receive a vaccine via needle and syringe, we envision a future in which you’ll have a vaccine patch mailed right to your door.”

Vaxess is using part of the $27 million in funding to support its recently-launched phase 1 trial for the H1 influenza vaccine delivered by VX-103 (a MIMIX Array Patch System). Vaxess has enrolled healthy adult volunteers ages 18-39 to evaluate the safety, reactogenicity, tolerability, and immunogenicity profiles for two influenza vaccine dose levels, fractional H1 vaccine dose level 7.5 μg and standard H1 vaccine dose level 15 μg vs placebo. Vaxess will report the initial finding of its phase I trial in Q4 of 2022.

“Vaxess’s patch technology could make vaccines a better experience for patients that would result in higher compliance and easier access. MIMIX’s sustained release technology could lead to more effective vaccines,” said RA Capital Management Director of Vaccines Mario Barro. “We very much look forward to seeing the results of Vaxess's phase 1 trial and working with Vaxess towards a needle-free future for vaccines.”

In parallel to its influenza vaccine trial, Vaxess has evaluated its MIMIX Array Patch System with COVID-19 vaccines. The effort, originally funded through a BARDA contract, is aimed at developing a seasonal booster that overcomes challenges with existing COVID vaccines, including the need for frozen storage and clinical administration.

About Vaxess Technologies

Vaxess Technologies is developing the MIMIX™ sustained release patch technology, the easiest and most effective way to administer vaccines and therapeutics. For vaccines, the controlled release simulates the pace of a natural infection, helping the body produce a slow, strong, and enduring ramp-up of immune response, ultimately boosting a vaccine’s effectiveness. Engineered for stability, Vaxess’s patch does not require refrigeration and can be shipped to and applied in low resource settings.

Vaxess has raised more than $55M in grant and venture capital funding from groups such as RA Capital Management, The Engine, BARDA, DARPA, NIH, NSF and the Gates Foundation. For more information, please visit the company website at www.vaxess.com or send additional inquiries to contact@vaxess.com.

About RA Capital

RA Capital Management is a multi-stage investment manager dedicated to company formation and evidence-based investing in healthcare and life science companies developing drugs, medical devices, diagnostics, services, and research tools. The firm’s portfolio of private and public companies spans the globe and most therapeutic areas across all stages from discovery through commercialization. We are committed to fostering diversity at RA, in our portfolio companies, and in the broader biotech community.

About The Engine

The Engine, built by MIT, is a Cambridge, MA based venture capital firm investing in the next generation of Tough Tech: a transformative and broad approach applying cutting edge technology to solve challenges in climate change, human health, and advanced systems and infrastructure. By transforming the foundations of industry, we unlock massive opportunities for a more sustainable, resilient world. Visit www.engine.xyz.

About Global Health Investment Corporation

The Global Health Investment Corporation (GHIC) is a non-profit established to provide long-term funding for global health research and development through financing vehicles such as the Global Health Investment Fund. The GHIC is the Managing Member of the Fund and is a US-registered 501(c)(4). It is governed by an independent board of directors who bring diverse expertise from backgrounds in the pharmaceutical industry, venture capital, investment banking, philanthropy and international development. GHIC has established a partnership with BARDA Ventures to accelerate the development of medical countermeasures that address gaps in health security as well as meet commercial market needs.