Axion BioSystems, a manufacturer of the Maestro multiwell microelectrode array (MEA) platform, is pleased to announce that the Company successfully closed a $6 million equity financing. The additional capital will accelerate the growth of Axion’s core life science instrumentation product line.
The Georgia Research Alliance (GRA) has supported Axion since it was founded in 2008. In this equity financing round, GRA Venture Fund, LLC led the investment. “We know the management team well, and have confidence in their ability to execute their plan,” stated Michelle Jarrard, GRA Venture Fund Managing Director. “Furthermore, we believe their products address existing and emerging needs in the drug discovery and cell therapy markets.”
Concurrent with the close of financing, Axion is pleased to announce that Jay Teich will join the Company’s Board of Directors. Teich is the former CEO of Seahorse Bioscience, a company focused on cell metabolism that was sold to Agilent Technologies in November 2015. Teich said, “I see a lot of parallels between Seahorse and Axion. 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.”
Axion, a proud member of Atlanta’s biotech community, was born out of technology developed at Georgia Tech.