FluGen raises $2M more, provides update on Phase I trial

FluGen raises $2M more, provides update on Phase I trial

By Jeff Buchanan, Xconomy

VaccineStock1FluGen has raised another $2 million from investors to support current and planned clinical trials of an experimental universal influenza vaccine that the Madison, WI-based startup is developing.

Paul Radspinner, who co-founded FluGen in 2007 and serves as the company’s president and CEO, says the latest funding is an addition to the $9.4 million funding round FluGen announced in 2015.

Twenty-nine investors participated in the equity funding round, according to a document filed with federal securities regulators. All the groups and individuals that contributed to the most recent round had invested in FluGen in the past, Radspinner says. The startup’s previous backers include Madison-based Venture Investors, the Wisconsin Alumni Research Foundation, the State of Wisconsin Investment Board, and Knox, a private fund on the East Coast.

FluGen has now raised a total of about $22 million from investors, Radspinner says.

Last July, the company announced it had initiated a Phase 1 clinical trial of its RedeeFlu vaccine. FluGen said at the time that the study was aimed at evaluating the safety of the vaccine, as well as the antibody and T-cell responses in participating patients. Read more …