The University of Michigan-linked vaccination technology developer has pivoted from its previous focus on antimicrobial ointments for skin infections.
BlueWillow Biologics, a US-based vaccine developer based on University of Michigan research, has closed a $10m round backed by the university’s Michigan Invests in New Technology Startups (Mints) fund, Crain’s Detroit Business has reported.
The round was led by VC firm North Coast Technology Investors with participation from Line Moon Ventures.
Founded in 2000 as NanoBio, BlueWillow Biologics previously commercialised antimicrobial ointments to treat skin infections but has now switched to develop medical vaccines that can be administered as a nasal spray rather than intravenously.
The spray could prove more effective than conventional shots by targeting the same mucosal surfaces used by infectious pathogens responsible for diseases including influenza and chlamydia.
BlueWillow will put its approach through two phase 1 trials targeting anthrax and pandemic flu through 2018 and 2019. It plans to continue work on its topical ointments under partnerships that will use the NanoBio trademark.
The company was founded by James Baker, formerly director of the Center for Biologic Nanotechnology at Michigan’s Nanotechnology Institute for Medicine and Biological Sciences. Baker, who sits on BlueWillow’s board of directors, led the company as chief executive from 2006 to 2012.
BlueWillow had received more than $150m in funding before the latest round, according to Crain’s Detroit Business. It secured $775,000 in debt from undisclosed investors in March 2017 after issuing $1.8m of convertible notes the year before, according to securities filings.
The company closed an $11m series C round in 2012 with commitments from all of its existing investors, which included private equity firm Perseus. Perseus backed BlueWillow’s $12m series B in 2009 alongside unnamed investors and had also put up $30m in 2006, according to media reports.
