{"id":28757,"date":"2024-08-13T02:21:00","date_gmt":"2024-08-13T02:21:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4482527_AE82527_0"},"modified":"2024-08-13T02:21:00","modified_gmt":"2024-08-13T02:21:00","slug":"australian-biotech-incubator-proto-axiom-announces-20m-series-b-first-close","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=28757","title":{"rendered":"Australian biotech incubator Proto Axiom announces $20M Series B first close"},"content":{"rendered":"

$20M<\/span> unlocked for opportunities in Australian biotech innovation, valuing Proto Axiom at $90M<\/span> <\/i><\/p>\n

SYDNEY<\/span><\/span>, Aug. 13, 2024<\/span><\/span> \/PRNewswire\/ — Proto Axiom, the Australian biomedical technology incubator has today announced a $20 million<\/span> first close of its targeted $30 million<\/span> Series B, to bolster Australia’s<\/span> biotechnology (biotech) sector through increased intellectual property (IP) retention. The Series B first close and $15M<\/span> Series A announced in September 2022<\/span> gives Proto Axiom a cash value of $90 million<\/span>.<\/p>\n

Series B investors join the significant institutional support Proto Axiom received in its Series A from investors such as Catalio<\/a>, Parkview International<\/a>, Churchill Asset Management<\/a> and HOF Capital<\/a>.<\/p>\n

“This support from major private and institutional investors will ensure Proto Axiom can continue constructing a leading portfolio of the most innovative new businesses in biotechnology, while onshoring Australia’s<\/span> scientific capacity to keep IP in Australia<\/span>,” Proto Axiom CEO, Anthony Liveris<\/span>, said.<\/p>\n

“Australia<\/span> produces world-class intellectual property in drug development and medical equipment, but inadequately capitalises on the downstream economics and associated job multipliers.<\/p>\n

Through the capital unlocked in the Series B first close, Proto Axiom will continue strategically investing and supporting the development of Australia’s<\/span> best science,” Liveris said.<\/p>\n

Proto Axiom distinguishes itself from traditional funds by operating as a holistic enterprise to onshore sovereign capacity through a comprehensive partnership model, covering technical oversight, administrative support, future financing, and hands-on research assistance.<\/p>\n

Liveris said this new funding would allow Proto Axiom to continue investing in projects like University of New South Wales’<\/span> spin-out, Swan Genomics.<\/p>\n

Proto recently led the funding round and invested $2 million<\/span> in Swan, a cutting-edge new technology for rapid, highly accurate long-read, low copy number DNA sequencing, using a highly innovative Plasmonic Nanoantenna based approach.<\/p>\n

“Also, one of Proto’s earliest investments, Endo Axiom, has continued to go from strength to strength, and we look forward to the program entering first-in-human trials,” Liveris added. Endo Axiom has a platform technology for the oral delivery of insulin to treat Type 1 Diabetes, which would enable needle-free insulin delivery for patients, including children.<\/p>\n

About Proto Axiom<\/b>
Proto Axiom is Australia’s<\/span> first true biotech incubator, dedicated to nurturing and accelerating the growth of early-stage biotech ventures. By providing essential resources, mentorship, and funding, Proto Axiom aims to transform innovative ideas into successful biotech solutions that address global health challenges. Our hands-on approach to support Australian research is a first-in-country model.<\/p>\n

Proto Axiom is hosting the Challenger Summit<\/a> in Sydney<\/span> on 16 October 2024<\/span>, which will provide a platform for researchers to showcase their innovative biotech solutions, competing for over $250,000<\/span> in unencumbered grant financing. Recently announced panellists include Gavin MacLaren<\/span>, CEO, Corrs Chamber Westgarth, Dr. Larry Marshall<\/span>, Former CEO, CSIRO, Reed Jobs<\/span>, Investor, Yosemite, and Dr. Mehmood Khan<\/span>, CEO, Hevolution.<\/p>\n

Media Contact:
<\/b>William Pretty<\/span> (Teneo)
E: william.pretty@teneo.com<\/a>
M: +61 405 197 970 <\/p>\n","protected":false},"excerpt":{"rendered":"

$20M unlocked for opportunities in Australian biotech innovation, valuing Proto Axiom at $90M SYDNEY, Aug. 13, 2024 \/PRNewswire\/ — Proto Axiom, the Australian biomedical technology incubator has today announced a $20 million first close of its targeted $30 million Series B, to bolster Australia’s biotechnology (biotech) sector through increased intellectual property (IP) retention. 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