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Vaxil adds board members, plans to raise $1M to fund clinical programs

Vaxil Bio Ltd. appointed industry veterans Ari Kellen and Shawn Langer as board members.

Kellen formerly worked with McKinsey & Co., Bausch + Lomb and Valeant Pharmaceuticals International Inc., while Langer is a healthcare private equity portfolio manager with BMHS Investments.

The appointments bring the total number of Vaxil directors to five.

Additionally, the company plans to raise $1 million in gross proceeds through an equity private placement of shares at 5 cents apiece and accompanying warrants exercisable at 10 cents per warrant for three years.

Vaxil intends to use the proceeds from the offering to finalize its clinical trial program design and file its pre-investigational new drug application submission with the U.S. Food and Drug Administration in the first half of 2018.