Aortyx Receives €2.5 Million to Advance in the Preclinical Stage

Aortyx receives capital. The Spanish company has received a $2.8 million (€2.5 million) grant from the European Commission. These funds will be used to advance in the preclinical phase of its first product, as Jordi Martorell, CEO of the company, explained to PlantaDoce. Specifically, the capital will be used for animal testing, the regulatory stages necessary to initiate trials in patients, and to develop the strategy for accessing the different target markets (mainly the European Union, the United States, Japan, and China).

The grant is part of the EIC Accelerator program, which finances small and medium-sized companies in the European ecosystem with disruptive technologies and high financial risk. The company must execute this grant within two years and demonstrate that it has advanced both the technology and its commercial validation over this time. With this capital inflow, Aortyx is not planning, for the time being, to open new financing round in 2022. In any case, the European Commission has reserved the right to enter as an investor in a future round.

The company has developed a patch for the treatment of aortic dissections that adheres to the damaged artery and plugs the wound. Its technology mimics the original tissue, enhancing regeneration with the goal of increasing the life expectancy and quality of life of aortic dissection patients.

Last year, Aortyx closed a $2.7 million (€2.4 million) round through the Capital Cell platform. The main investors were Medex Capital Partners, Vergara Capital, and family offices from the Catalan ecosystem.

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Aortyx has developed a patch for the treatment of aortic dissections

Prior to this investment, the company was already recognized and funded with more than $621,000 (€550,000) by the European Commission, by EITHealth, the Ministry of Science and Innovation, and the Center for Industrial Technological Development (Cdti). At that time, Aortyx also received an Enisa loan.

In addition, before the company was founded in 2018, the project had already received funding and support from the Foundation for Innovation and Prospective in Health in Spain (Fipse), Fundación la Caixa, through the CaixaResearch Validate program, and the Generalitat de Catalunya.

In March 2020, the company already raised $735.000 (€650,000) in a deal led by Genesis Ventures. The funds enabled the company to double the number of employees to twelve people.

Aortyx was founded in October 2018 on the initiative of Martorell, Noemí Balà, Salvador Borrós and Vicenç Riambau. Borrós has a PhD in chemical engineering and Riambau has a PhD in medicine. The founders are researchers at the Institut Químic de Sarrià (IQS) and the Hospital Clínic de Barcelona.

Martorell and Balà are the main shareholders of Aortyx. In addition, the investors who financed the project through a crowd equity have a 45% stake in the company. On the other hand, a smaller part is controlled by the fund Medex Capital Partners.

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(Featured image by geralt via Pixabay)

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