ALLOX raised US$10.5 million in Seed financing. The Barcelona-based biotechnology company develops a platform to find allosteric drug targets. Asabys led the round, while CDTI, through SICC Innvierte, and Institut Català de Finances also invested.
Use of proceeds
The company will scale its high-throughput biophysics and AI drug discovery platform. It will build proprietary AI models from its large functional datasets. The money will also support multiple internal drug discovery programs.
Board appointment
Morten Graugaard was named independent chair of ALLOX. He is currently chief business officer of Orbis Medicines. Previously he was a partner at Novo Holdings and a director at Lundbeck.
Platform focus
ALLOX measures the effects of thousands of mutations in parallel. This reveals allosteric, orthosteric, and other regulatory sites. The information can guide small-molecule drugs against difficult targets such as protein-protein interactions and transcription factors.
The company plans to expand its internal drug discovery team. It will advance multiple programs toward a focused pipeline. It also expects to support research collaborations with pharmaceutical and biotechnology partners.