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Thursday, June 18, 2009
Cancer vaccine developer ImmuRx lands $250K in seed funding
By MHT Staff
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ImmuRx Inc., a Lebanon, N.H.-based vaccine developer for cancer and chronic infections, has pulled in $250,000 in seed funding from Allyon Capital Partners LLC, a subsidiary of Allyon Solutions, an investment firm in Hanover, N.H.
The investment brings additional funding to the $329,000 SBIR grant from the National Institutes of Health that ImmuRx received in April. The SBIR grant will apply to further development of the company’s hCD40 compound, intended to strengthen vaccines in treating metastatic melanoma. While the company is working on fighting melanoma, applications could be broad, with potential to target cancer stem cells, bacterial or viral infections, and HIV/AIDS viruses, according to CEO David DeLucia.
The immune system is composed of an ancient line of “innate” defenses conserved from the distant past, and an “acquired” set of selective defenses that can generate billions of permutations to fight a pathogen. ImmuRx’s vaccine candidate is intended to activate both parts of the system.
Last November, the vaccine developer said that it was seeking $250,000 of angel seed money as a prelude to an $8 million Series A round of investment that it intends to apply to clinical trials of a new cancer vaccine. At the time, ImmuRx officials said it planned on the Series A round for the first quarter of 2009, but the company has not yet begun an investment round.
Allyon invests in firms that have some startup capital for its patented technology. Allyon Solutions also consists of two other subsidiaries, Allyon Financial Advisors LLC and Allyon Real Estate Solutions LLC.
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