Immune Targeting Systems (ITS) secured a £8.65 million (about $13.57 million) extension to its Series A round of equity financing, taking the total raised to £13.5 million (approximately $21.18 million). All the company’s key investors participated, and ITS says that it will keep the round open to new investors until mid-2010.
The new funds will be used to progress ITS’ lead flu candidate, FP-01, through to completion of Phase II proof-of-concept trials against multiple flu virus strains. The candidate is currently poised to start in clinical development. The universal influenza vaccine is designed to target all potential seasonal and pandemic influenza strains.
Founded in 2003, ITS is focused on the development of synthetic vaccines against mutating viruses. The company is exploiting its T-cell vaccine platform and fluoropeptide delivery system for the design of vaccines comprising highly conserved, validated viral antigens, which promote T-cell immune responses without the requirement for an adjuvant.
The firm’s preclinical pipeline includes vaccines against HIV, hepatitis C, and feline influenza virus (Cat AIDS).