A Lincoln-based biopharmaceutical company announced Wednesday that it has received a $20 million venture capital investment.
The Series A investment for Adjuvance Technologies came from Morningside Venture Investments Limited, a company with offices both in the U.S. and China that has invested in dozens of startups.
Adjuvance said the funds from the investment will be deployed to advance its first product, an agent that can be added to vaccines, through a proof-of-concept clinical trial.
“We are pleased to receive this investment from Morningside”, Dr. Tyler Martin, chairman and CEO of Adjuvance, said in a news release. “They are a top-tier life science venture investor, providing important validation of our technology. More importantly, together we have strategic alignment for building our business, and getting innovative vaccines to the people who need them.”
Adjuvance, which is based at Nebraska Innovation Campus, received a $500,000 contract from the National Institutes of Health last year to use its agent, called an adjuvant, to try to improve the flu vaccine.
The adjuvant comes from the bark of a tree found in Chile and helps to stimulate immune system response.
Adjuvance is hoping to complete its work on the modified flu vaccine by the end of this year.
The announcement comes on the heels of a similar one by Virtual Incision earlier this month. The company, which also is based at Innovation Campus and makes miniature surgical robots, received a $20 million Series B+ investment from several existing investors and some new ones.
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