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.

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.

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.