Australian biomedical technology incubator Proto Axiom has announced a second round of financing of $5 million following its initial raise of $10 million last September.
The company said this is its final close on its Series A terms. It includes new investors such as Melbourne-based Churchill Asset Management, Riverlane Capital, and Eucalyptus founder Benny Kleist.
Proto Axiom's chief executive, Anthony Liveris, said, "Hitting our target of $15 million in such a difficult economic environment validates the emerging belief in Australia's biotechnology sector."
Chief science officer Dr Lindsay Wu added, "Raising such capital has enabled us to announce our first deal, EndoAxiom, which leverages the safe delivery of nanoparticles to treat autoimmune diseases and allergies.”
EndoAxiom was founded by Professor Victoria Cogger, Professor David Le Couteur AO and Dr Nicholas Hunt. It is developing pre-clinical intellectual property from the University of Sydney and the Sydney Local Health District.
EndoAxiom aims to enable the oral delivery of insulin to treat Type 1 Diabetes, which usually starts in young children, where it is irreversible, and requires them to have at least daily insulin injections for the rest of their lives.
Mr Liveris added, “Having a therapy that could actually treat this disease, rather than just manage its symptoms, would revolutionise the lives of hundreds of thousands of children.”
Tristan Edwards, the executive chairman of Proto Axiom, said, “We are thrilled to have the opportunity to work with EndoAxiom. The team has produced world-leading research. As well as financially investing in the company, Proto will give the team access to industry knowledge and commercialisation expertise from both Australia and overseas.”