PROVIDENCE – Cherrystone Angel Group led a $2.2 million Series A financing round for a privately-held biotech company in Lexington, Mass.
Cherrystone invested in Avaxia Biologics Inc., which is developing oral antibody drugs for the gastrointestinal tract, along with Boston Harbor Angels and other undisclosed individuals.
The funds will be used for a clinical trial on patients with inflammatory bowel disease and is being planned for the second half of 2012.
Cherrystone’s co-chairman Robert Manning will join the board of Avaxia. He has served as a senior executive at Citigroup and a number of early-stage company boards, including SmartCells.
The company is also working on an oral antibody therapy to mitigate gastrointestinal damage following radiation exposure that may occur after a nuclear incident, funded by the Biomedical Advanced Research and Development Authority.