FluGen has raised $3.4 million in convertible debt financing to help the Madison, WI-based biotech startup push its universal flu vaccine into human trials next year, Xconomy has learned.
The $3.4 million is a bridge financing round, and the company is now seeking an additional $3 million or more in a Series B venture capital round that would—along with a new $4.7 million NIH grant—help fund Phase Ia and Ib clinical trials for FluGen’s Redee Flu, president and CEO Paul Radspinner said today. The goal would be to close the Series B round by August and enter clinical trials early next year.
Read more at Xconomy.com