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Array Firm Ayoxxa Raises $530K, Reaches Deal with NUS for Technology Development

NEW YORK (GenomeWeb News) – Protein array firm Ayoxxa today said that it has raised €400,000 ($532,549) in a second closing of its Series A financing.

It also announced a deal with the National University of Singapore's Department of Bioengineering, Faculty of Engineering, for further development of Ayoxxa's platform technology.

The financing is in addition to a €2.6 million Series A financing that the firm closed in September 2012 and will go toward building out the firm's platform technology and scaling up production of its bead-based biochips.

KfW Bankengruppe is a new investor in the firm.

Ayoxxa is developing technology for multiplexed protein analysis. The technology is built around in situ encoded bead-based arrays licensed from NUS that allow simultaneous measurement of multiple proteins from small sample volumes. Researchers can use the biochips for high-throughput screening and multiplexed assay formats, the firm said.

IEBA does not require physical labels for multiplex analysis, reducing the complexity of downstream analysis, compared to current bead-based microarrays, while increasing the number of proteins that can be analyzed simultaneously, Ayoxxa said.

The company was spun out of the University of Singapore in 2010. Ayoxxa said today it has reached a collaboration agreement with the university expected to last two years to develop its technology as applied to drug targets. Terms were not disclosed.

Ayoxxa is currently headquartered in Cologne, Germany and also an office in Singapore.