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DURHAM - AlphaVax, which is developing an AIDS vaccine, is tapping investors in search of more than $10 million in Series D funding.
AlphaVax Chief Executive Officer Peter Young declined to comment on the fundraiser, citing regulatory concerns. "What I will say is the company has $40 million worth of funding grants and similar prospects in terms of corporate deals and equity," Young said.
A source says the company has begun tapping both current and potential new investors in search of more than $10 million to add to the $20 million AlphaVax has raised from venture funds in three previous rounds.
Previous investors primarily were Europe-based, health-care funds and banks, the company says without disclosing names.
Through government grants, partnerships with the likes of Wyeth, and potential funding from venture funds, AlphaVax has about $80 million available to it. Young says that amount "will take us through liquidity." He declined to specify whether that meant an initial public offering or a sale of the company.