AyoxxA Biosystems has announced that it has closed a 2.6 million Euro Series A financing round.
The round was led by Wellington Partners Venture Capital and included NRW.BANK, HTGF - High-Tech-Gründerfonds, and private investors, Rainer Christine and Dr. Gregor Siebenkotten, both formerly executive board members and co-founders of amaxa biosystems.
The funds raised will be used to drive the further development of AyoxxA’s proprietary platform technology and the scale-up of production of its novel bead-based biochips as the company moves towards commercialization.
AyoxxA’s technology is aimed at transforming the throughput and accuracy of protein analysis to deliver the analytical power now seen only for DNA arrays.
The platform is based around proprietary In-situ Encoded Bead-based Arrays (IEBA) which allow the simultaneous measurement of multiple proteins from minute samples.
Unlike current bead-based microarrays, AyoxxA’s IEBA need no physical label to allow multiplex analysis and thus hugely reduce the complexity of downstream analysis while increasing the number of individual proteins that can be analyzed at the same time.
The arrays are designed to be readily adaptable to standard high throughput screening systems and offer the potential of tens of thousands of ELISA assays in a single well of a biochip.
Dr. Andreas Schmidt, CEO of AyoxxA, said: “This fundraising provides Ayoxxa with the resources to significantly accelerate the scale-up of production of our unique bead-based biochips and, through the expansion of our base in Cologne, prepare to bring our technology to market. We believe our technology can revolutionize protein analysis and with our growing presence in Europe combined with our continued access to the world-class science in Singapore we are uniquely positioned to deliver on that promise.”
Dr. Regina Hodits, General Partner of Wellington Partners Venture Capital, commented: “AyoxxA’s technology has the potential to become the new standard for the precise, fast, and cost effective analysis of multiple protein-protein interactions in limited sample volumes. This will allow the company to initially address a research market worth hundreds of millions of dollars and longer term reach into pharmaceutical screening and ultimately diagnostics. In Andreas Schmidt and co-founder and CSO Dieter Trau, we have a very entrepreneurial team which has already rapidly brought the AyoxxA technology from the idea stage to first proof-of-concept. We look forward to working with the company as it builds on this excellent foundation and delivers benefits to its customers and investors.”
Rainer Christine, Chairman of the Board of AyoxxA, said: “It is exciting to be investing in AyoxxA at a critical point in the Company’s development. I have followed its story closely since it was founded by Andreas and Dieter, who had invented the technology as a Professor of Bioengineering at the National University of Singapore. I am impressed by the progress made in advancing the technology and by the potential it has to address significant markets. I hope to bring the experience I gained in successfully building amaxa to the Board and Company as it grows.”
Dr. Matthias Dill, HTGF investment manager, added: "We are pleased to have played a role in building a consortium of experienced investors to optimally support AyoxxA as it benefits further from its position as part of two high tech countries. The company’s choice to base its headquarters in Cologne highlights the continuing attractiveness of Germany as a site for building new companies and growing international businesses.”