The biotech startup Valanx, founded in 2017 and located at the Lower Austrian Technology Park IST, is developing a process for the simple modification of proteins. The patented, novel and highly specific technology platform enables the company to produce precisely defined protein-drug conjugates and peptide conjugates quickly and cost-effectively. It is intended for use in drug development, diagnostics, and biosensor technology. The biotech company Valanx was one of the “rising” start-ups at BioVaria 2019, alongside the recently seed-financed Mindpax.me.
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The potential of the biotech company Valanx
The biotech company was able to secure a six-figure seed financing from a syndicate consisting of IST cube, tecnet equity and SOSV from the USA, as well as a seven-figure funding by the Austrian Research Promotion Agency (FFG).
“With our technology, we will support pharmaceutical and biotechnology companies to produce protein-based active ingredients faster and more reliably. Our process allows protein conjugates to be precisely defined in their molecular composition, which offers a significant advantage in production and also in drug safety. Many vaccines are protein conjugates,” said Michael Lukesch, founder and CEO of Valanx Biotech. “Recent pandemic events undoubtedly demonstrate the extraordinary potential of our access,” the CEO concluded.
The company will expand its team and will set up a new laboratory
Commenting on the investment, Lukesch said: “With our new investors we have brought on board an extensive national and international network. Together with the expansion of our team and the settlement of our new laboratory in the recently opened IST Park in Klosterneuburg (near Vienna), this investment marks a new phase in the development of Valanx. Now we want to develop our revolutionary protein conjugation technology to market maturity as quickly as possible and adapt it to the specific needs of our customers.”
Valanx Biotech will use the new capital to expand its team and to purchase equipment to further optimize the process. “With our investment we support the high potential of the VALANX technology and the strong team under the leadership of Michael Lukesch. Now more than ever, it is becoming clear that science-based startups offer urgently needed solutions. IST Cube continues its work with startups with full commitment even in the crisis,” said lead investor IST Cube.
Doris Agneter, CEO of tecnet equity, added: “Valanx promises to make the conjugates usable as a tool for completely new applications in the industry. As an investor, we are creating the environment that will allow this disruptive technology to develop its full potential. Together with IST Cube and SOSV, we are enabling Valanx to develop world-class applications.”
One of the goals of Valanx Biotech is now also to expand existing and new contacts with industry partners. That is because the business model envisages that large pharmaceutical and biotech companies license the patented process developed by the Lower Austrian company and pay fees for its use.
In the current situation, the chances are good that companies in search of vaccines (a billion-dollar business) in particular will be interested in the application, as the technology can considerably accelerate the development.
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First published in goingpublic.de, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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