Vivaldi gets $23M financing commitments

Vivaldi Biosciences, a New York, USA-based biotechnology company focused on the development of vaccines for influenza, says that it has received  binding commitments for $23.0 million in a series A convertible  preferred stock financing, of which $18,850,000 has been funded. Bay  City Capital and NGN Capital co-led the financing, with participation by  the New York City Investment Fund and Alexandria Real Estate Equities,  Inc. The remaining commitments are to be funded subject to achievement  of certain milestones.

Vivaldi is developing novel vaccines with the potential for increased  effectiveness in the prevention of seasonal and pandemic influenza,  based on research by Peter Palese and Adolfo Garcia-Sastre of the USA's  Mount Sinai School of Medicine. Vivaldi intends to use the proceeds to  establish cell-based manufacturing and to file an Investigational New  Drug application to advance its lead vaccine candidate to clinical  trials.