Vaxess Technologies Secures $8.2M Series A Funding to Advance MIMIX Silk Fibroin-Based Therapeutic Patch

VCBeat (WeChat ID: vcbeat) learned from foreign media that on June 27, U.S. local time, biotechnology company Vaxess Technologies completed an $8.2 million Series A financing round. The funds from this round will be used to support the company in advancing the commercialization of its MIMIX biopatch product.

It is reported that this round of financing was led by The Engine, with participation from Bioinnovation Capital. In addition, Vaxess Technologies has expanded its board of directors, and Dr. Purnanand Sarma will join the board. Dr. Sarma brings extensive experience in pharmaceutical distribution and management and currently serves as President and Chief Executive Officer of Immunome.

Vaxess Technologies, founded in 2012, is a biotechnology company headquartered in Cambridge, Massachusetts, currently developing its drug delivery technology that was initially developed at Tufts University and the Massachusetts Institute of Technology.

Vaxess Technologies’ flagship product is MIMIX, a microarray patch resembling a bandage. MIMIX is composed of silk fibroin, a specific protein found in silk that serves as a building block for advanced biomaterials, known for its strength, stability, and biocompatibility. Vaxess Technologies leverages biotechnology to engineer various properties of silk fibroin, thereby enhancing drug delivery for patients.

Traditional adhesive bandage products isolate the wound from the external environment, which can lead to excessive proliferation of anaerobic bacteria at the wound site, causing suppuration and, in severe cases, worsening the condition. While protecting the wound from external bacterial infection, MIMIX significantly enhances the therapeutic efficacy of such products by “mimicking” the prolonged exposure phase that occurs at the wound site during natural infection. Upon recognizing the “pseudo-exposure state” created by MIMIX, the wound spontaneously triggers the body’s natural immune response, thereby efficiently activating the body’s wound-healing mechanisms and shortening the recovery period.

Furthermore, the drug incorporated into the MIMIX product dissolves at a precise rate due to the action of biological structures such as silk fibroin, enabling release at the most effective dosage for wound treatment. This ensures sustained therapeutic activity within the effective timeframe, thereby facilitating the body’s recovery.

Ann DeWitt, General Partner at The Engine, stated, “The success of MIMIX fully demonstrates the strength of Vaxess Technologies. They have not only pioneered a new model for drug delivery but are also continuously exploring and developing broader business models. We look forward to helping Vaxess accelerate its development process and create more convenient and effective drug delivery solutions.”

The Engine, founded in 2016 and headquartered in Massachusetts, USA, is a venture capital firm that focuses on investing in transformative industries, primarily providing growth capital to companies in the expansion stage. In addition to financial support, The Engine also provides technology companies with the laboratories, equipment, and experimental tools necessary for their development.

Bioinnovation Capital, headquartered in Massachusetts, USA, is a venture capital firm primarily investing in promising life sciences companies.

(Compiled by Liu Yujing)