@ Axion Biosystems raising $3.5M | SEBIO

Axion Biosystems raising $3.5M

Posted by on May 11, 2012

ATLANTA, GA –  Axion BioSystems Inc. has raised $3.2 million — part of a $3.5 million planned round, according to a Securities & Exchange Commission filing.

The VentureLab graduate is commercializing technology that will allow scientists to evaluate the electrophysiology of neural cells and cardiac cells.

Axion develops and sells life science instrumentation. The company’s product, which includes an electronic device integrated with microelectrodes, improves the drug screening process by rapidly extracting valuable information from more complex tissues and cultures, company.

Axion’s product helps advance the government’s objective of reducing animal testing by giving scientists insight into the behavior of cells.

Privately held Axion , which has 21 employees, has been awarded four SBIR grants, totaling about $3.1 million. In 2010, the company raised more than $2 million from private investors.

http://www.bizjournals.com/atlanta/blog/atlantech/2012/05/axion-biosystems-raising-35m.html

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