University of Queensland startup Vaxxas has achieved AU$25 million in a series B capital funding round, which was led by Australian venture capital firm OneVentures.
The funding will help the company fund the Nanopatch, a technology invented by professor Mark Kendall that aims to deliver vaccinations via a small patch, instead of the traditional syringe method.
Kendall said the investment is a key step in advancing a series of clinical programs and developing a pipeline of new vaccine products for major diseases using Vaxxas' patented Nanopatch technology.
"The Nanopatch has the potential to improve global health," he claimed.
"The technology is the size of a postage stamp, and has thousands of small projections designed to deliver the vaccine to abundant immune cells in the skin. It is designed for thermostability, making it cheaper to produce, more convenient to transport, and easier to access in developing countries."
Vaxxas is a startup of the University of Queensland's UniQuest commercialisation company.
According to UniQuest CEO Dr Dean Moss, the funding will take the total capital raised by the company to AU$40 million.
"There is huge potential with this technology, if successful, to improve health worldwide," he said.