ALLOX raises US$10.5 million to expand drug discovery platform
Asabys led the seed round, with CDTI and the Institut Català de Finances participating. ALLOX also appointed Morten Graugaard as independent board chair.
Biotechnology company ALLOX has secured US$10.5 million in seed financing to broaden its drug discovery technology and take its own research programmes forward. Asabys invested through Sabadell Asabys II, while CDTI participated through SICC Innvierte, alongside the Institut Català de Finances (ICF).
ALLOX said the money will help expand the platform and develop proprietary artificial intelligence models that use large-scale biophysical datasets to predict therapeutic opportunities. It also plans to grow its internal discovery team, progress research towards its own small-molecule drug candidates and establish collaborations with pharmaceutical and biotechnology companies.
The platform brings together experimental biology, high-throughput genetics and AI. It assesses thousands of genetic mutations simultaneously to locate areas affecting how proteins fold and interact, seeking sites that could become targets for small-molecule treatments.
Chief executive and co-founder Júlia Domingo said ALLOX aims to use functional data and predictive AI to address a wider range of difficult drug targets and speed up discovery.
ALLOX also named Morten Graugaard independent chair of its board. His more than two decades in life sciences investment, research and development, and business development include senior roles at Orbis Medicines, Novo Holdings and Lundbeck.
