Profectus BioSciences, Inc., a clinical stage biopharmaceutical company, entered into a $1 million equipment leasing line of credit with Fountain Partners of San Francisco, CA. The equipment leasing will primarily be used for the purchase of laboratory equipment for Profectus’ new vaccine innovation center in Tarrytown, NY.
Shawn Patrick O’Brien, president and CEO of Profectus, said, “Our success in securing the Series C round and equipment financing demonstrates confidence in Profectus’ management, proprietary technology, commercial opportunity and financial management expertise. While our strategy is to principally finance Profectus’ proprietary, prime-boost vaccine programs with non-dilutive financing from government and private sources, this funding provides us with additional working capital to support general corporate activities, as well as additional R&D activities.”
Don Caldwell, chairman of the Board of Profectus and CEO of Cross Atlantic Capital Partners, said, “Profectus’ broad vaccine and therapeutic pipeline focuses on key markets with major, unmet medical needs. Each of these markets represents a $2 billion opportunity. From a partnering perspective, the vaccine market has re-emerged as a key revenue generator for large pharma as pipelines have dried and favorable legislation has been implemented. We look forward to this very important transition to the clinic as Profectus readies itself for initiation of its first-in-man vaccine candidate in HIV later this year.”
Separately, Profectus recently closed on a $5 million Series C venture financing round. Current investor Cross Atlantic Capital Partners led the round, which brings the total venture investment in Profectus to $19 million to date.
Profectus BioSciences is a research and development vaccine company devoted to advancing the treatment and prevention of chronic viral diseases.