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Local Tech Wire
RALEIGH, N.C. – , which got its start with a $16,000 loan in 2006 from the , is getting another $250,000 from the Center to advance development of its proposed Dengue Fever vaccine technology.
The Piedmont Angel Network matched the $250,000 loan with an additional investment in Arbovax, according to Troy Knauss of PAN. The Piedmont group is a previous investor in Arbovax.
Arbovax is commercializing technology developed at N.C. State University.
The company is required to raise matching funds from other investors. It has raised more than $1.4 million from outside investors and also received a $150,000 Biotech Center loan in 2008.
"This loan will greatly assist in our product development efforts", said Arbovax Chief Executive Officer Malcolm Thomas in a statement.
The funding is for a Biotech Center Strategic Growth Loan.
"We are working toward testing our technology for a Dengue Fever vaccine in non-human primates in early 2010 and this loan will go a long way to providing the necessary funds to complete these pivotal trials,” Thomas said.
Arbovax is focused on developing vaccines to combat insect-borne viruses.
Dennis Brown and Raquel Hernandez of NCSU developed the technology.