Aravax raises $66m for peanut allergy cure as Victoria leads the way

Aravax raises $66m for peanut allergy cure as Victoria leads the way

Photo: Abril Chavira via Unsplash

Victoria has become the epicentre of finding a cure for peanut allergies after the state government’s investment arm contributed $12 million towards a $66 million funding round by biotech company Aravax.

The clinical-stage biotech says the funding will help it advance clinical trials of its novel peanut allergy treatment which has received approval from the US Food and Drug Administration (FDA) and Australia’s Therapeutic Goods Administration (TGA) for Phase 2 trials in each of their jurisdictions.

The capital raise comes on the heels of another Melbourne biotech, Prota Therapeutics, last week securing $US21 million ($31.6 million) to progress commercialisation of its treatment to achieve clinical remission of peanut allergies.

Aravax, which previously raised US$20 million ($30 million) at the end of 2022 in a Series B round backed by Australian life science investors Brandon Capital and Tenmile, is focused on revolutionising food allergy treatment through its product, PVX108.

The immunotherapy uses synthetic peptides to mimic key parts of peanut proteins with the potential to retrain the immune system to tolerate peanuts without causing allergic reactions.

The unique treatment has been developed following early research conducted at Alfred Health and Monash University with Aravax revealing that its treatment only requires a monthly dose rather than the daily dose of current treatments.

Breakthrough Victoria is confident its $12 million investment in the current capital round will bring peanut allergy sufferers globally a step closer to an innovative new treatment that could save lives.

“This investment is an important step forward in advancing healthcare for millions of Australians with food allergies and introducing life-changing health technology to the world,” says Victoria’s Minister for Economic Growth Tim Pallas.

It is estimated that more than five million Australians are currently living with various food allergies.

With Phase 1 clinical trials successfully completed for adults in Victoria in 2018, Aravax is now gearing up for Phase 2 trails in Australia and the US, which will evaluate the treatment’s effect in children aged four to 17.

“It’s exciting to receive the local support, global recognition and this investment Aravax needs to expand clinical trials in Victoria and the United States,” says Aravax CEO Pascal Hickey.

Health technology is one of the fastest-growing sectors in Victoria, generating $3.02 billion in exports and supporting more than 30,000 jobs. The sector’s growth is supported by Breakthrough Victoria and the $20 million Australian Medtech Manufacturing Centre.

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

Social media ‘finfluencer’ Tyson Scholz, widely known a...

Ecofibre shareholders reject founder's nomination of Alex Keach to board

Ecofibre shareholders reject founder's nomination of Alex Keach to board

Shareholders in medicinal cannabis and hemp company Ecofibre (...

Bike Exchange raising $3.1m with plans to delist after an uphill battle on the ASX

Bike Exchange raising $3.1m with plans to delist after an uphill battle on the ASX

Three years after listing on the ASX via a $76 million float, onlin...

Former EML CEO Tom Cregan launches digital tipping fintech for hospitality

Former EML CEO Tom Cregan launches digital tipping fintech for hospitality

After leading EML Payments (ASX: EML) for a decade including a tumu...