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.