The news: Biotech startup Gelomics has raised a $2.2 million pre-seed round led by early-stage investor Jelix Ventures, alongside the Queensland Investment Corporation (QIC) and Angelloop.
The context: Brisbane-based Gelomics has developed a 3D tissue culture system that allows scientists to grow microscopic representations of human tissue. It enables more ethical, reliable, cost-effective, and efficient medial research and preclinical studies.
Gelomics co-founder and CEO Christoph Meinert said the 3D tissue culture solution reduced unnecessary financial loss, time taken to market and the need for animal testing.
The investment will support Gelomics’ continued market expansion, with ambitions to create more than 70 high-skilled local jobs over the next five years.
QIC private equity investment director Patrick Christiansen said the growing recognition of the limitations of traditional cell culture solutions and the significant costs to new drug development presented a compelling opportunity for Gelomics.
What they said: “This investment allows Gelomics to capitalise on these sector headwinds and position themselves as an emerging leader in the transformation of the pharmaceutical industry,” Christiansen said.
Meinert said: “Over 200 million animals are euthanised for research and drug development every year, despite over 90% of drug candidates failing in human trials after successful animal testing”.
“… With the support of the Jelix Ventures, QIC, and Angelloop, we look forward to expanding our team with top-tier talent in Brisbane while accelerating product development and executing a well-strategised market penetration plan in the United States,” he said.
The source:
Queensland Investment Corporation
