Ambler-based MBF Therapeutics, an animal health firm that recently began working on a potential COVID-19 vaccine for humans, has raised $604,000 from a private stock sale, writes John George for the Philadelphia Business Journal.

The biotechnology company is looking to raise a total of $3 million from its Series B round. According to Tom Tillett, the company’s CEO, the funds were raised from a group of both existing and new angel investors. MBF has raised a total of $2.5 million since it was founded twelve years ago.

The company joined forces with four life science industry partners in July to start work on a “second-generation” Covid-19 vaccine. The collaboration seeks to advance COVE-001, MBF’s SARS CoV-2 vaccine candidate.

According to Tillett, MBF’s lab is currently putting together the formula for an experimental next-generation vaccine.

“We hope to have some in vitro study data by the end of this month,” he said.

The company is also looking to start animal studies in October and hopes to have results available in November. To support its vaccine development, MBF is currently in the process of applying for government grants.

Read more about MBF Therapeutics at the Philadelphia Business Journal by clicking here.

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