FluGen, the Madison Company, will get $12 million in financing using which it will be able to start first clinical trials of a new type of influenza vaccine. The FluGen's Redee Flu vaccine is based on the research carried out by UW- Madison scientists Yoshihiro Kawaoka and Gabriele Neumann.

CEO Paul Radspinner shared the information that they are planning to file an application with federal regulators in the first half of 2016 for an Investigational New Drug. If the Food and Drug Administration permits them then they can start the clinical trials within 30 days.

In the clinical trial, the company wants to enroll 100 people and the results of the same will be available by the end of 2016. The vaccine is meant to be delivered into patient's nose and will provide protection against main strains of flu and also for their variations that always have scope to form.

Radspinner said that it will take time to get the new flu vaccine to market. "I don't think it's unrealistic to say with the right regulatory environment and if all goes well, we could see something as soon as five years (from now), but it may take longer", affirmed Radspinner.

Madison venture capital firm, Venture Investors has led the financing with the participation by WARF, the State of Wisconsin Investment Board and individual investors. Out of the total amount, $9.4 million is new funding and $3.8 million has been raised last year as bridge funding.