Adelaide, Australia, 6th June 2024 – GPN Vaccines is pleased to announce the closing of its oversubscribed Series B1 investment round, raising AUD $18 million (USD $12 million).
GPN Vaccines is a clinical-stage biotechnology company developing a broad-spectrum vaccine against Streptococcus pneumoniae, the world’s foremost bacterial pathogen responsible for causing infections from otitis media to life-threatening pneumonia and sepsis in the very young and elderly. Recently, the company announced it had completed a first-in-human clinical trial in Australia to evaluate its novel pneumococcal vaccine, Gamma-PNTM in 50-69 year olds (Press Release dated 4th January 2024).
The Series B1 investment round, which initially aimed to raise AUD $15 million (USD $10 million), exceeded this target with a total of AUD $18 million (USD $12 million) being raised. There was strong support from current shareholders as well as new investors, with the round being co-led by New York-based Forepont Capital and Mike Gregg, the founding partner of Sydney-based Shearwater Capital alongside a new investor, San Francisco-based Kern Capital.
GPN Vaccines’ CEO, Professor Tim Hirst, said “I am truly grateful for the tremendous support of our existing shareholders and the backing of new investors in our Series B1 investment round. This will enable us to continue the clinical evaluation of Gamma-PNTM, invest in a pipeline of new vaccine opportunities and position the company for its next stage of development.”
Professor Ismail Kola, Partner at Forepont Capital, commented “We have backed GPN Vaccines in each of its last three investment rounds and are excited about the value of a pneumococcal vaccine that protects against serotypes not covered by existing licensed vaccines or other vaccines in development. We are delighted that this new round of funding will support the further clinical testing of Gamma-PNTM and the Company’s pipeline programs.”
Jay Kern, General Partner of Kern Capital, LLC commented “We are delighted to support GPN Vaccines in furthering the clinical development of potentially the world’s first universal, serotype-independent pneumococcal vaccine. We have been very impressed by the team and by how much they have accomplished in a capital efficient manner.”
About GPN Vaccines
GPN Vaccines is a clinical stage, public (unlisted) biotechnology company developing vaccines against bacterial respiratory infections. Our lead vaccine, Gamma-PN, targets Streptococcus pneumoniae which is responsible for causing life-threatening pneumonia, bacteraemia and meningitis, as well as otitis media (middle ear infections). Each year S. pneumoniae causes 1-2 million deaths worldwide, killing more children than AIDS, malaria and tuberculosis combined. There are over 100 different serotypes of S. pneumoniae and the best vaccine currently on the market only protects against 20 of them. Gamma-PN is being developed to protect children and adults against all S. pneumoniaestrains, regardless of strain serotype. Additional vaccines are also in development that target other bacterial respiratory infections and are designed to offer similar broader spectrum immunity.
About Forepont Capital Partners
Forepont Capital Partners leverages strategic capital and diverse and extensive expertise to help realize and accelerate value in new science, medicines and technologies that have an impact on patients’ lives and healthcare outcomes.
About Mike Gregg, founding partner of Shearwater Capital
Mike Gregg is the founding partner of Shearwater Capital, a $100m+ venture capital fund that backs founders building generational businesses. Prior to founding Shearwater Capital, he established the Health Communication Network and was the first external investor and a director of Wisetech Global (ASX:WTC).
About Kern Capital
Kern Capital manages a diverse portfolio stretching from new ventures to established and profitable businesses across many sectors, but with a particular focus on the life sciences. We back strong management teams in companies that have the potential to become market leading businesses within their sector niche.
Media contacts
Tim Hirst
Chief Executive Officer, GPN Vaccines Ltd
tim@gpnvaccines.com; +61 420 942 824
Ismail Kola
Partner, Forepont Capital
ismail.kola@forepont.com
Mike Gregg
Founder Partner, Shearwater Capital
mike@shearwatertech.com.au
Jay Kern
Founder and General Partner, Kern Capital
jay@kerncapitalllc.com
