The Victorian government-funded Breakthrough Victoria has made a $12 million investment into Aravax, part of a $66 million funding round in the biotechnology company, which is developing a novel peanut allergy treatment.
Aravax is a clinical-stage company developing PVX108, its immunotherapy product that uses synthetic peptides to mimic key parts of peanut proteins to retrain the immune system, according to a statement.
Early research at Alfred Health and Monash University has led to the solution, which is administered as a monthly rather as a daily dose, which is required by current treatments..
“We’re excited to invest in Aravax,” said Breakthrough Victoria CEO Grant Dooley in a statement on Tuesday.
“Victoria’s biotech sector really is world class. This therapy, developed right here in Victoria, has the potential to change the lives of peanut allergy [sufferers] across the world.”
Breakthrough is an independent company set up in 2021 to manage the state government’s $2 billion Breakthrough Victoria Fund.
Aravax has received approval from the U.S Food and Drug Administration (FDA) and Australia’s Therapeutic Goods Administration (TGA) for Phase 2 trials in each country.
Phase 1 clinical trials were successfully completed for adults in Victoria in 2018. The Phase 2 trials will involve children aged 4 to 17.
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