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 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, [email protected], https://jaxbio.com/
SOURCE JaxBio Technologies
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