ALLOX secures $10.5 million in seed funding for drug discovery platform

Biotechnology spin-off ALLOX has closed a $10.5 million (approximately €9.4 million) seed funding round to expand its drug discovery platform and advance its internal development programs. The financing round was led by Asabys Partners through its Sabadell Asabys II fund, with additional participation from CDTI and the Institut Català de Finances (ICF).

ALLOX utilizes a platform that integrates high-throughput genetics, experimental biology, and artificial intelligence to identify allosteric and regulatory sites on proteins. This approach aims to target biological areas, such as protein-protein interactions and transcription factors, that have historically been difficult to address with conventional drug discovery methods.

In conjunction with the funding, the company appointed Morten Graugaard, chief executive of Orbis Medicines, as the independent chair of its board of directors. The company, which originated from research at the Centre for Genomic Regulation (CRG), follows a dual model of developing its own drug candidates while pursuing partnerships with pharmaceutical companies.