17 Apr Local companies bring in bucks from investors
By Judy Newman, Wisconsin State Journal
Three Madison-area companies have boosted their finances with significant investments they’ve received recently.
FluGen generates funds
FluGen has added $2 million to an investment round that began in August 2015. That puts the total amount raised in that round at $11.4 million, according to documents the company has filed with the U.S. Securities and Exchange Commission. Twenty-nine investors were listed as participants in the financing.
“We measure through serum and nasal swabs how the body reacts to the vaccine. We are looking at the immune responses, some of which can signal how effective the vaccine might ultimately be,” CEO Paul Radspinner said.
He said results could be available this summer.
After that: “We anticipate initiating a pediatric study this summer and a challenge study in 2018. A challenge study is where the subjects receive vaccine or placebo and are then infected or ‘challenged’ with real influenza,” Radspinner said.
FluGen has 10 employees, all in Madison. Investors in this round include the Madison venture capital firm Venture Investors, as well as the Wisconsin Alumni Research Foundation and the State of Wisconsin Investment Board.
Since FluGen was founded in 2007 — based on the research of UW-Madison scientists Yoshihiro Kawaoka and Gabriele Neumann — the company has raised $22 million from investors and has received $13 million in federal funds. Read more …