Vaxess raises additional USD 9M in venture capital funding

Vaxess Technologies announced that it raised an additional $9 million in venture capital funding to support its vaccine delivery technology.

Cambridge, Massachusetts-based Vaxess develops a shelf-stable vaccine patch with the potential for self-application.

The company’s MiMix system features sustained-release technology for administering vaccines and therapeutics. For vaccines, its controlled release simulates the pace of a natural infection. The company said this helps the body produce a slow, strong and enduring immune response ramp. Because it doesn’t require refrigeration, it can be shipped to and applied in low-resource settings, too.

The latest round of funding brings the company’s total equity and non-dilutive funds raised to more than $80 million. RA Capital, The Engine, GHIC and Ulu Ventures all contributed to this round.

“As we head into the fall and winter months, we’ll be reminded that there’s still much work to be done around increasing vaccination rates and improving vaccine efficacy for a range of diseases, from flu to Covid,” said Michael Schrader, co-founder and CEO of Vaxess. “This new funding — which comes from an extraordinary group of VCs focused on technology, biopharma, and broader societal impact — will enable Vaxess to accelerate mRNA vaccine patch development efforts, and work towards fundamentally changing how mRNA vaccines are distributed and administered.”

More about Vaxess and its vaccine delivery system
The MiMix patch features a soluble microarray with tips that gradually dissolve into the body after removing the patch. These tips release their payload of vaccines over time, mimicking how natural infections interact with the body.

By allowing the immune system to mount a stronger, more durable response, they could provide more protection against disease, Vaxess says. The dissolving needles also eliminate any sharps hazard for simple patch disposal post-administration.

In December 2022, the company reported positive interim results from a first-in-human trial of its influenza vaccine patch. Vaxess raised $37 million in a Series B round within the last year, also growing its team by more than 30%. The team operates at its corporate headquarters in Cambridge and its GMP manufacturing facility in Woburn, Massachusetts.

Last month, Vaxess announced a collaboration with AstraZeneca. The companies aim to evaluate an RNA-based pandemic influenza prototype vaccine in patch format. In April, Vaxess announced mRNA stability results from tests assessing the potential for room-temperature storage.

The company’s focus now centers around translating the mRNA LNPs stored in silk fibroin matrices into a MiMix sustained-release patch.

“Imagine a world where vaccines don’t require trips to the clinic, cold chain transport, or needle and syringe injection — this would meaningfully expand access to preventative care,” said Kathy Chen, partner at Ulu Ventures. “With proven distribution advantages and enhanced efficacy of protection, Vaxess’s unique approach could play a pivotal role in improving public health globally. We’re excited to work with the company as it commercializes its first patches.” Drug Delivery Business