AAX Biotech Secures 7 Million SEK for Technology Development
Swedish biotech firm AAX Biotech AB has raised 7 million SEK in a funding round to advance its technology development and expand its project portfolio. The capital aims to strengthen internal capabilities.
Swedish biotechnology company AAX Biotech AB announced on October 2 that it has raised 7 million Swedish Kronor (MSEK) in a recent funding round. The investment, supported by both new and existing investors, is intended to fuel the company's growth and innovation efforts.
The raised capital will be allocated to enhance AAX Biotech's proprietary technologies, Seqitope™ and Opti-mAb™. These technologies are designed to improve the performance and developability of antibody-based therapeutics, addressing unmet needs in a growing market, according to the company.
The funding round comprised a rights issue for current shareholders and a directed issue to new investors, including Life Science Invest (LSI Epsilon). Several existing investors, such as Karolinska Institutet Holding and Northislet, also increased their stakes.
AAX Biotech plans to use the funds to automate its Seqitope™ platform, launch new project initiatives, and explore further applications for its technologies. The capital will also support market entry strategies, expansion of laboratory facilities, and growth in the business development and R&D teams.