Peanut allergy treatment startup raises $66m in funding
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The news: A biotech company developing a world-first peanut allergy treatment has raised $66 million in a Series B funding round, with a $12 million contribution from the Victorian government-funded Breakthrough Victoria announced today.
Aravax - led by professors Robyn O’Hehir and Jennifer Rolland and Dr Sara Prickett - is developing a peptide-based immunotherapy designed to stimulate immune recognition without triggering an inflammatory response.
The numbers: Peanut allergy effects 1-2% of the global population, but current treatments are limited to indefinite daily dosing of peanut extracts and restrictive precautions.
The context: Breakthrough Victoria was established in 2021 to manage the state government's Breakthrough Victoria Fund. It is chaired by former premier John Brumby and its board of directors includes Victoria's chief scientist Dr Amanda Caples and former Deakin University vice-chancellor Jane den Hollander.
The funding round also included Brandon Capital, Tenmile, Novartis Venture Fund, Uniseed, Unisuper and Agati Capital. The raise will support Aravax’s phase two clinical trial in Australia and the US.
What they said: "Victoria is home to world-class scientific research institutions. It’s exciting to receive local support, global recognition, and the investment Aravax needed to expand the clinical trial to include patients in Victoria and the United States," Aravax CEO, Dr Pascal Hickey said in a statement.
The source: Breakthrough Victoria Media Release
