Biotech start-up develops novel technology platform for the cost-effective production of defined protein-drug conjugates in the pharmaceutical industry
The Austrian biotech company VALANX Biotech, founded in 2017 by Michael Lukesch, was able to secure a six-figure seed investment from a syndicate consisting of IST cube, tecnet equity and US venture capital fund SOSV. In addition, the company received seven-figure funding from the Austrian Research Promotion Agency (FFG).
VALANX Biotech is located at IST Park, the technology park linked to IST Austria, and develops a novel and highly specific technology platform based on an innovative and patented approach. This platform enables a fast and cost-effective production of precisely defined protein-drug conjugates and peptide conjugates. The technology will be applied in drug development, diagnostics and bio-sensorics.
Michael Lukesch, founder and CEO of VALANX Biotech, emphasizes: “With our technology, we will support pharmaceutical and biotechnology companies to produce protein drugs faster and more reliably. Our process allows the precise definition of protein conjugates in their molecular composition, which offers a significant advantage in production and also in drug safety. Many vaccines are protein conjugates. Recent pandemic events undoubtedly demonstrate the extraordinary potential of our approach.”
Lukesch continued: “With our new investors we have brought an extensive national and international network on board. Together with the expansion of our team and the settlement of our new laboratory in the recently opened IST Park in Klosterneuburg, 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. The focus in the coming months will be on optimizing the technology and expanding contacts with industrial partners.
Alexander Schwartz, partner at lead investor IST cube, comments: “VALANX uses innovative techniques from synthetic biology to provide creative solutions to a previously unsolved problem. Customers in the pharmaceutical industry and beyond will profit from their offering. 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 start-ups offer urgently needed solutions. IST cube continues its work with start-ups with full commitment even in the crisis”.
Doris Agneter, CEO of tecnet equity: “VALANX promises to make the conjugates usable as a tool for completely new industrial applications. As an investor, we create the environment that allows this disruptive technology to develop its full potential. Together with IST Cube and SOSV, we enable VALANX to carry out development work on a world-class level”.