VAXESS ANNOUNCES $9M IN FUNDING

Capital will be used to accelerate mRNA vaccine patch development

CAMBRIDGE, Mass., September 13, 2023 —  Vaxess Technologies, Inc, a life sciences company developing a shelf-stable vaccine patch with potential for self-application, today announced an additional $9 million in venture capital funding, with investors including RA Capital, The Engine, GHIC, and Ulu Ventures. This brings Vaxess’s total equity and non-dilutive funding to more than $80 million. 

“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.”

In August 2023, Vaxess announced that it is collaborating with AstraZeneca for the evaluation of 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 testing found that Vaxess’s silk fibroin formulations protect mRNA lipid nanoparticles (LNPs) through drying, and maintain in vivo potency after storage at 37°C for two weeks. The company is now focusing on the translation of the mRNA LNPs stored in silk fibroin matrices into a Vaxess 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.”

Vaxess’s MIMIX™ patch technology consists of a soluble microarray, featuring tips that  gradually dissolve into the body after the patch is removed and release their payload of vaccines over time. This extended therapeutic presentation mimics how natural infections interact with the body. By allowing the immune system time to mount a stronger, more durable response, soluble microarrays have the potential to provide unprecedented protection against diseases. The dissolving needles also eliminate any sharps hazard, allowing for simple disposal of the patch after 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 while improving tolerability. Engineered for stability, Vaxess’s patch does not require refrigeration and can be shipped to and applied in low resource settings.

Vaxess has raised 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.