Moat Biotechnology Raises $6.5M in First Close for Intranasal/Inhaled Covid-19 Vaccine

OKLAHOMA CITY, June 13, 2023 /PRNewswire/ -- The first U.S.-based company with promising proof of concept for intranasal/inhaled adenovirus vaccines, Moat Biotechnology Corporation (MoatBio), announces it has raised more than $6.5 million in its first close of funding.

MoatBio holds an exclusive patent license from Mayo Clinic for the novel second generation single-cycle adenovirus vaccine platform (SC-AdVax) to develop vaccines that can elicit and boost both mucosal and systemic immunity for the treatment of infectious diseases, like COVID-19. The novel SC-AdVax platform targets cells in the respiratory tract or GI tract to elicit a strong mucosal immune response by reacting to pathogens at their point of entry, which is a significant advancement over existing vaccine platforms, including mRNAs.

"Respiratory viruses like SARS-CoV-2 enter through the nasal passages, and if the viruses are encountered there, then we can significantly reduce their ability to replicate systemically within the body, where more serious viral morbidities occur," said Dr. Scott Rollins, CEO and Co-founder of MoatBio. "This first close of funding allows us to continue our important Phase 1 trial research. The ability to vaccinate individuals through needle-free delivery, including intranasal/inhaled or oral administration, not only for COVID-19, but for many pathogens, should be a game changer."

This first close comes shortly after an initial investment, led by Cortado Ventures, targeting up to $20 million. This funding will expand the ongoing Phase 1 clinical trial of an intranasal or inhaled vaccine boost for COVID-19 and initiate the development of 2nd and 3rd SC-AdVax vaccines for additional mucosal pathogens. Boyd Street Ventures also participated in the initial round of funding.

Taking place in Australia, the Phase 1 clinical trial results have demonstrated not only a mucosal immune response but also a systemic response in a majority of treated subjects. Further clinical testing is planned in the Phase 1 study to fine tune respiratory-based dosing and increase patient exposure. The SC-AdVax technology has also been tested in pre-clinical models of influenza, human immunodeficiency virus (HIV), human papillomavirus (HPV), Clostridium difficile, Clostridium jejuni, hepatitis, zika virus, cytomegalovirus (CMV) and ebola virus.

"Our goal is to prevent or reduce the morbidity and mortality for multiple serious infectious diseases that are currently underserved by vaccines and other treatments," said Russell Rother, President, COO and Co-founder of MoatBio. "Whether it is COVID-19 or another highly infectious disease like influenza or Ebola, we are confident that with the SC-AdVax technology, we can provide a new level of protection against this and future pandemics or epidemics while offering a more palatable and accessible mode of administration."

Drs. Rollins and Rother have strong track records of success. At Alexion Pharmaceuticals (sold to AstraZeneca in 2021 for $39B), where they served as Co-Founder/Executive Vice President of Drug Development and Chief Scientific Officer, respectively, they were the principal inventors and developers of Soliris with current annual sales of over $5B. In addition, Rollins and Rother served as CEO / COO of Selexys Pharmaceuticals and developed the novel drug ADAKVEO for sickle cell disease, which was approved by the FDA in 2019; Selexys was sold to Novartis for $665M in November 2016. Rollins and Rother are currently serving as CEO / COO of Tetherex Pharmaceuticals, which is developing anti-inflammatory therapies for asthma and other indications. MoatBio was spun out from Tetherex Pharmaceuticals to capitalize the SC-AdVax platform as a separate Company and allow for more rapid and broad development of vaccine candidates.

"This technology arrives at an auspicious time as we look forward to preventing future pandemics," said Mike Moradi, a General Partner with Cortado Ventures. "A mucosal response to COVID-19, or a multitude of other diseases, lays the foundation for a paradigm shift in the way we fight and prevent disease. This is the caliber of company we invest in — those solving the world's hardest problems."

About Moat Biotechnology
Moat Biotechnology is a clinical development stage biopharmaceutical company focused on the development of novel intranasal/inhaled and oral vaccines based on the SC-AdVax platform that was exclusively licensed from the Mayo Clinic.

About Cortado Ventures
Cortado Ventures is an early-stage venture capital firm that invests in ambitious, growth-driven companies, backing a new generation of economic prosperity for Oklahoma and the Midcontinent region. As one of the largest VC funds in Oklahoma, Cortado's focus is on tech companies bringing innovative solutions to the energy, logistics, life sciences, aerospace and the future of work sectors. For more information, visit cortado.ventures.

Contact: Meridith Tucker
mtucker@saxum.com

SOURCE Moat Biotechnology Corporation