Pacific GeneTech has secured $10 million of equity financing. New investors in this round include FHB Ventures, the Arkansas Development Finance Authority and Simmons Foods. Existing investors Whist Subholdings, PT Medion and the management team also participated.
The $10 million investment will allow PGT to accelerate the development and commercialization of its "Aegis" vaccine platform from poultry into swine, sheep, cats and fish. The investment will also fund PGT's expansion plans in Arkansas that will include an adjuvant manufacturing facility, vaccine development lab and management office which will serve as PGT's US headquarters.
PGT's first two Aegis poultry vaccines have been out-licensed to commercial partners. PGT has advanced proof-of-concept studies for a vaccine against Salmonella and E. coli in swine. Other products in development include vaccine candidates against Toxoplasma and Neospora in ruminants and other poultry pathogens. The funds will be used to further the development of PGT's proprietary "Hercules" mannosylated chitosan adjuvant for use in third-party vaccines.
"The Northwest Arkansas adjuvant production and vaccine laboratory facilities will be a critically important component of PGT's global strategic plans, and we are delighted to be locating our U.S. headquarters in Arkansas where the company already has many strong historical roots and working relationships," said PGT CEO Tim Collard.
Source: Pacific Gene Tech, which is solely responsible for the information provided, and wholly owns the information. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.