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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.
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