Variation Biotech lands US$37.5 million in financing

Ottawa-based Variation Biotechnologies Inc (VBI) has secured US$37.5 million in Series A financing to move its vaccine program into clinical development with an initial focus on influenza. Clarus Ventures is the lead investor in a syndicate including ARCH Venture Partners, 5AM Ventures and existing seed investors. Founded in 2001, the privately held firm has early-stage investments of $2.1 million in initial funding from the Industrial Research Assistance Program, Economic Development Canada and Investissement Quebec. VBI's founder and CEO is Dr Francisco Diaz-Mitoma. The firm's peptide-based Varosite vaccine platform is aimed at a wide array of pathogens with several applications slated to move into clinical development in the next two or three years....