Therapeutic vaccine development company Oxxon Pharmaccines Ltd has raised £4.7m at first closing of a private funding round. The investors included existing shareholders MVM’s UK Medical Ventures Fund No.1, Neomed Innovations and new private investors with experience in building biotechnology companies.
David Phillips, CEO of Oxxon Pharmaccines, said: “We are delighted to have raised such substantial funds for Oxxon and believe this level of investor confidence to be a tremendous endorsement of our technology and commercial strategy.
“This investment will significantly accelerate our pharmaccine development programmes. Our melanoma pharmaccine is expected to enter clinical trials shortly, and a hepatitis pharmaccine will enter the clinic in the first quarter of 2001.”
Oxxon Pharmaccines is an Oxford-based company which developes therapeutic vaccines (pharmaccines) for the treatment of chronic infectious diseases and cancer. Clinical trials using the company's own vaccine technology in an academic setting have started in malaria and AIDS.
The company was founded in 1999 as a high technology spin-out of The University of Oxford through its technology transfer company Isis Innovation. Other such spin-out successes include Oxford Glycosciences, set up in 1988 to pioneer new drug development, which has a current market value of £784 million.