RESEARCH TRIANGLE PARK, N.C. – AlphaVax, which earlier this week received regulatory approval to launch two clinical trials, has closed on $12.7 million in new financing.

The Series E round comes primarily from existing investors. The company chose not to make available any further information about the deal.

The round did produce an over-allotment, and not all interested investors were accommodated, AlphaVax said in a statement.

AlphaVax has raised more than $80 million in venture capital and partner funding.

"It was gratifying to note that the belief in the prospects of the company and confidence in the employees and technology was such that the financing round was concluded in an expeditious manner,” company Chairman Jonathan Gelles said.

AlphaVax recently turned down $25 million in financing, and Chief Executive Officer Peter Young was ousted by the AlphaVax board, according to a report in The Triangle Business Journal.

A CEO has yet to be announced.

AlphaVax has proprietary technology for producing vaccines based on modified alphaviruses. Alphaviruses are defined by the Centers for Disease Control as RNA-containing viruses that are often found in mosquito-transmitted diseases.

The recently approved clinical trials involve development of vaccines for the treatment of influence and cytomegalovirus, or CMV. AlphaVax is also working on an HIV vaccine as well as vaccines for smallpox and avian flu.

In the U.S. alone, according to the Centers for Disease Control, between 50-80 percent of adults 40 and over are infected by CMV. It also is the most common virus transmitted to unborn babies. CMV causes 8,000 permanent disabilities per year. It is a global threat, especially in developing countries. The virus is part of the herpesvirus family that includes herpes viruses and viruses that cause chicken pox and infectious mononucleosis.

AlphaVax employs 77 people. It operates an R&D facility in RTP and a production facility in Lenoir.