Piedmont Angel Network Two Announces Investment in Arbovax, an
Early-Stage Vaccine Technology Development Company
Greensboro, NC – The Piedmont Angel Network Two (PAN Two), a structured,
committed capital angel fund located in Greensboro, North Carolina, is pleased to
announce that it led, along with contributions from management and individual
investors, the initial closing of the first half of a $1.5 million round in Arbovax.
Arbovax, Inc., Raleigh, NC, is an early stage start-up focused on the
commercialization of a novel and innovative technology to facilitate the development of
vaccines against insect-borne viruses. The company has a seasoned management
team with extensive start-up and large corporation experience in the biotechnology and
pharmaceutical marketplace.
The core technology, developed by Drs. Brown and Hernandez of NC State,
provides a platform that offers improved vaccine technology in a cost effective manner
targeting a portfolio of arthropod-borne diseases including Dengue Fever, Japanese
Encephalitis, West Nile and Yellow Fever. The technology offers significant
improvements in vaccine design over current methodologies for safety, efficacy and
cost as well as the potential to address the over 200 insect-borne diseases that affect
humans and animals worldwide. The company is well positioned to take advantage of
the current increase in awareness and investments in vaccines against such diseases.
Arbovax’s initial focus, Dengue Fever, is ranked second, only behind Malaria, by the
World Health Organization for its devastating global impact. The Company will also
initiate development work on Yellow Fever.
According to Dr. Charlton Owensby, the Piedmont Angel Network’s Due
Diligence Chair, “The science is very sound and has demonstrated promised
immunogenicity in a lab environment. The unique technology should get the attention of
international biotechnology players interested in developing mosquito borne disease
vaccines. As a result, PAN Two members are ecstatic with our decision to invest in such
an innovative and promising company. Malcolm Thomas, CEO of Arbovax, and his
professional team have developed a realistic business plan with a strong vision that will
take this technology from the lab to the market.”
Subsequent to the PAN Two investment, Arbovax announced the appointment of
Dr. Owensby to its Board of Directors. As CEO Malcolm Thomas states, “PAN Two has
provided great resources and connections to allow us the opportunity to immediately hit
the ground running. We secured lab space close to NC State and have hired two senior
scientists to lead our development programs.”
PAN Two is enthusiastic about its fourth investment and looks forward to
announcing additional deals in the near future. PAN funds have invested over $6 million
in fifteen early-stage companies since 2002. |
