Enterprise News

Flu vaccine specialist in further fundraising

Mar 10 issue

Immune Targeting Systems, a developer of vaccines for mutating viruses such as flu, has raised £8.65 million for initial clinical trials.

The London-based company, which aims to commercialise a ‘universal influenza vaccine’, raised the money from the London Technology Fund, Sweden-based HealthCap, Swiss investor Novartis Venture Fund and French backer Truffle Capital.

Having previously secured £4.5 million from the same investors, as well as a grant of £500,000 from the London Development Agency, Immune Targeting is developing synthetic vaccines for the treatment of life-threatening viral infections such as flu, hepatitis B and C, HIV and cancers. The vaccine for seasonal and pandemic flu is expected to enter Phase I clinical trials by the end of this year.

David McMeekin, chairman of the London Technology Fund, says the technology ‘should have worldwide impact’. The company intends to offer governments the option of stockpiling vaccines which can be used as a first line of defence while specific vaccines are manufactured.

The fundraising follows the appointment of ‘industry heavyweight’ Ken Powell as non-executive chairman in November. Powell was formerly CEO of antiviral specialist Arrow Therapeutics, which was sold for US$150 million (£97 million) to pharmaceutical giant Astra-Zeneca in 2007.


Editor's View Business Bulletin Trailblazers Business Tools Finance Expansion Strategy Leadership Flotation Exits Columns Enterprise News Deal Listings Backchat	Enterprise News Flu vaccine specialist in further fundraising Mar 10 issue Immune Targeting Systems, a developer of vaccines for mutating viruses such as flu, has raised £8.65 million for initial clinical trials. The London-based company, which aims to commercialise a ‘universal influenza vaccine’, raised the money from the London Technology Fund, Sweden-based HealthCap, Swiss investor Novartis Venture Fund and French backer Truffle Capital. Having previously secured £4.5 million from the same investors, as well as a grant of £500,000 from the London Development Agency, Immune Targeting is developing synthetic vaccines for the treatment of life-threatening viral infections such as flu, hepatitis B and C, HIV and cancers. The vaccine for seasonal and pandemic flu is expected to enter Phase I clinical trials by the end of this year. David McMeekin, chairman of the London Technology Fund, says the technology ‘should have worldwide impact’. The company intends to offer governments the option of stockpiling vaccines which can be used as a first line of defence while specific vaccines are manufactured. The fundraising follows the appointment of ‘industry heavyweight’ Ken Powell as non-executive chairman in November. Powell was formerly CEO of antiviral specialist Arrow Therapeutics, which was sold for US$150 million (£97 million) to pharmaceutical giant Astra-Zeneca in 2007.