NEW YORK (GenomeWeb News) – Germany's Kinaxo Biotechnologies said today that it has brought on two new investors and closed a financing round worth an undisclosed amount.
Kinaxo, based in Martinsried, said it will use the funding to develop novel biomarkers that allow stratification of cancer patients receiving targeted therapies.
Although he declined to disclose the amount of the financing round, Kinaxo CEO Andreas Jenne told GWDN that the company plans to invest €3 million to €4 million ($4.5 million to $5.9 million) in biomarker development over the next two years.
Jenne also said that Kinaxo plans to expand its PhosphoScout phosphoproteomics services, which uses mass spectrometry to investigate phosphorylation events in cellular signal transduction pathways and their response to drug treatment.
New investors Leifina and Conmit Invest joined existing institutional investors Mountain Partners, BioM, High-Tech Gründerfonds, the Max Planck Society, and the KfW ERP Start-Fonds in the financing round, Kinaxo said.