Funding to Accelerate Development of its Advanced Diagnostics
Platform, Creating a Simple Blood Test for Faster, More Accurate
Cancer Detection, with Potential for Additional €18.2 Million in
Blended Financing.
NETANYA, Israel, July 16,
2024 /PRNewswire-PRWeb/ -- JaxBio Technologies,
a medical diagnostics company, announced today that it has been
selected to receive a €2.5 million grant from the European
Innovation Council (EIC) Accelerator. This grant includes the
option for future blended financing, with a potential additional
€9.1 million from the EU and a matching €9.1 million from other
investors. This new funding will be used to expand clinical
programs and develop JaxBio's diagnostics platform to create a
simple blood test for making lung cancer detection and management
simpler, quicker, and highly accurate.
"This grant, following a rigorous screening
process, validates JaxBio's technology and helps us advance our
vision of developing a simple, sensitive blood test for early
cancer diagnosis to save lives".
This funding is part of the 2024 EIC Accelerator initiative,
which saw JaxBio's innovative technology selected as one of only 68
companies from 17 countries, out of 969 applicants that submitted a
full proposal, to receive funding from a total of €411 million.
Entrants were required to meet EIC criteria for excellence, impact,
and risk-level, with final selections considered to be world-class,
high-impact innovations.
"In the current global climate, where investments in the
biotechnology industry are scarce, especially in Israel, this grant significantly supports our
ongoing journey towards product development," said Dr. Shahar Zirkin, Founder and CEO of JaxBio. "This
grant, following a rigorous screening process, validates JaxBio's
technology and helps us advance our vision of developing a simple,
sensitive blood test for early cancer diagnosis to save lives".
JaxBio's innovative liquid biopsy technology identifies
thousands of cancer-specific biomarkers in blood with high
sensitivity and low cost, transforming a complex, lengthy procedure
into an affordable, next-day, highly accurate process. The platform
technology has applications in a range of diseases, with research
underway in cancer, heart disease and neurological disorders.
JaxBio is a past recipient of an EU Horizon Europe Cancer
Mission grant, which was instrumental in developing a new
array-based platform for diagnosing hematological malignancies as
part of the SANGUINE study, coordinated by Tel
Aviv University.
About JaxBio
JaxBio is developing a simple blood test for fast, cheap and
highly sensitive diagnosis of cancer and other diseases. Its
cutting-edge liquid biopsy technology can detect thousands of
cancer biomarkers in blood with high sensitivity and low cost to
enhance diagnosis, monitoring, and therapy prediction. This simple
lab process delivers next-day results, enabling quicker,
better-informed decisions for healthcare providers and patients
when time is critical. For more information, please visit
https://jaxbio.com/.
Media Contact
Shahar Zirkin, JaxBio
Technologies, 972 544231013, Office@jaxbio.com,
https://jaxbio.com/
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SOURCE JaxBio Technologies