Aegirbio has raised 4,5 million Swedish Crowns (about $ 500,000) in a first round of funding. The capitalization is based on a pre money valuation of 70 million Swedish crowns (about $ 7 million).
The company's ambition to raise money now is to quickly get started with sales in the United States has thus been carried out with good results and according to plan.
Aegirbio's test for the follow-up of treatment with Tysabri, a drug used to treat patients with Multiple Sclerosis MS, will now be set up in the United States. The company's organization in the US is given resources to start the sales work, primarily by ensuring that the flow of samples from the clinics that have already reported interest, can start. The company's work on transferring that test to MagniaReader can begin just as well as the work on the test for follow-up of breast cancer treatment with Herceptin on to the MagniaReader platform.
In the US, there are 14,000 patients treated with Tysabri and with a laboratory test plus a test on MagniaReader, the market that the company estimates to have a total value of $ 75 million in the US and Europe can be addressed.
“We look forward to being able to offer clinics and patients a powerful tool to enhance follow up for those being treated with Tysabri. Early evaluations with Dr Foley from the Rocky Mountain Multiple Sclerosis Clinic has shown that our test can help understand the variation in drug levels among patients and provide an important piece of information that can help physicians optimize treatment,” says Dr. Bradley Messmer, CEO of Abreos Biosciences and R&D Manager at Aegirbio.
“With the resources from this Pre-IPO, we are now moving ahead with the listing on Spotlight Markets during the first half of the year. The team in the US can focus on the logistics required to get the Tysabri sample volumes up and of course the work of recruiting new customers. In Europe, our focus will be to produce the first tests on the MagniaReader platform,” says Anders Ingvarsson, CEO of LifeAssays AB and acting CEO at Aegirbio.