Scailyte, a biotechnology firm based in Basel, has extended its Series A financing round and has now raised 8 million US dollars in total. According to a press release, the company managed to make a successful impression on investors, who have now pumped money into innovative technologies in the field of immuno-oncology. Scailyte, a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH), has developed a software solution on the basis of Artificial Intelligence (AI) that is capable of significantly accelerating the analysis of millions of individual cells. In this context, the algorithm can associate certain abnormal cell types with a disease. The biomarkers developed by the company can be used successfully in the field of oncology in particular.
“With the newly raised funds, we will expand our presence in the US market, seeking further partnerships with like-minded biotech and pharma companies in the precision oncology space”, comments Peter Nestorov, CEO and co-founder of Scailyte, in the press release. Scailyte is based at the Novartis Campus location of the Switzerland Innovation Park Basel Area. It was supported by the investment and innovation promotion agency Basel Area Business & Innovation in establishing its presence in the region.
Artbio, which is based in Cambridge, Massachusetts, and maintains a presence via a branch office in Basel, has raised a total of 90 million US dollars as part of an oversubscribed and upsized Series A financing round, further details of which can be found in a press release. Artbio is developing a new class of alpha radioligand therapies (ART). This enables targeted therapy in which tumor-specific target structures are selected. Artbio’s lead program is intended to treat prostate cancer, with the fresh capital set to be used to advance this research.
Moreover, the AlphaDirect technology from Artbio facilitates decentralized manufacturing. A corresponding production network is also set to be further developed on the back of the success of the financing round.
