Three Madison-area companies have boosted their finances with significant investments they’ve received recently.
FluGen generates funds
FluGen has added $2 million to an investment round that began in August 2015. That puts the total amount raised in that round at $11.4 million, according to documents the company has filed with the U.S. Securities and Exchange Commission. Twenty-nine investors were listed as participants in the financing.
FluGen is working on RedeeFlu, a nasal spray vaccine to protect against influenza. Its first phase of tests on nearly 100 human patients, ages 18 to 49, is intended to check the safety of the vaccine, and is wrapping up.
“We measure through serum and nasal swabs how the body reacts to the vaccine. We are looking at the immune responses, some of which can signal how effective the vaccine might ultimately be,” CEO Paul Radspinner said.
He said results could be available this summer.
After that: “We anticipate initiating a pediatric study this summer and a challenge study in 2018. A challenge study is where the subjects receive vaccine or placebo and are then infected or ‘challenged’ with real influenza,” Radspinner said.
FluGen has 10 employees, all in Madison. Investors in this round include the Madison venture capital firm Venture Investors, as well as the Wisconsin Alumni Research Foundation and the State of Wisconsin Investment Board.
Since FluGen was founded in 2007 — based on the research of UW-Madison scientists Yoshihiro Kawaoka and Gabriele Neumann — the company has raised $22 million from investors and has received $13 million in federal funds.
Redox raises money
Redox has drawn another $1 million, bringing the total amount for its current round to $10 million.
Redox, founded in 2014, has developed a platform that helps integrate digital health care applications with the technology used by health care organizations, so, for example, a hospital with its overall electronic records system provided by Verona-based Epic Systems Corp. can use an app created, for example, by healthfinch, Madison, to automate prescription refills.
The latest investment comes from the Intermountain Healthcare Innovation Fund, which is affiliated with Intermountain Healthcare, of Salt Lake City.
Redox took part in Intermountain’s 2015 Healthbox Studio program, one of several accelerator programs the startup has attended. Since then, the young company has connected digital health applications to nearly 100 health systems across the U.S. that use a total of three dozen electronic health records vendors, Redox said.
Under the agreement with Intermountain, the Utah organization has licensed Redox’s technology to use with apps Intermountain has created and is selling to other health care groups, Redox president Niko Skievaski said.
In all, Redox has received $14 million so far, and has 37 employees.
Kiio gains financing
Fitchburg-based Kiio has lined up $600,000 in convertible debt to carry the company over until it goes out for a larger investment round later this year, CEO Dave Grandin said.
Kiio is developing products to measure and record a patient’s progress with exercise and physical therapy after an injury or illness. It recently added a chronic care program aimed specifically at people with lower back pain.
Grandin said the current bridge round and funds raised later this year will help the company, founded in 2011, expand its sales and marketing efforts.