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Axion Biosystems Completes $6M Equity Financing Round

NEW YORK (GenomeWeb) – Georgia Tech spinoff Axion Biosystems announced today that it has closed a $6 million equity financing.

The company, which manufactures the Maestro multiwell microelectrode array platforms, said it will use the proceeds to support the growth of its life science instruments product line. The Georgia Research Alliance Venture Fund led the investment.

"Axion's products are being adopted around the world at an ever-increasing rate," said CEO Tom O'Brien in a statement. "To maintain our rapid growth, we need to further invest in our global sales channel and in the support system for our expanding list of customers in pharma, biotech, academia and government."

The company also announced the appointment of former Seahorse Bioscience CEO Jay Teich to its board of directors. "I see a lot of parallels between Seahorse and Axion," Teich added in the statement. "Both companies have harnessed new technology to simplify a complex measurement of cellular activity. The adoption of their tools is enabling exciting scientific discoveries while creating an attractive growth market." Agilent acquired Seahorse last November.