VaxInnate, of Cranbury, NJ said it has raised $40 million in a Series C financing for its development of vaccines for pandemic and seasonal influenza. It is the latest in a series of investments in the sector, as concern rises about the risks of a global pandemic.

The company says its platform has the potential to improve vaccine immunogenicity and efficacy while greatly reducing manufacturing costs.

The funds raised will be used for the continued development of the company’s vaccines for human and avian flu, as well as vaccines for other prophylactic and therapeutic applications, the company said.

New Leaf Venture Partners led the round, joined by Canaan Partners. Existing investors HealthCare Ventures, Oxford Bioscience Partners LLC, MedImmune Ventures, Inc., and CHL Medical Partners also participated in this round.