The news from spring sounded positive: "Ayoxxa receives fresh capital for commercial growth". But now the Cologne-based company has surprisingly filed for insolvency.
CEO Albrecht Läufer, who joined Ayoxxa Biosystems only this spring, had expressed his delight about the financing round in March: "We are very proud to have gained Prosnav Capital as a shareholder. Prosnav offers us a solid perspective, both in terms of funding and valuable relationships and experience, especially in Asia," he said at the time. However, at the end of August, the inflow of funds from the Hong Kong and Luxembourg-based funds of the main investor at the time dried up. After some efforts to negotiate bridge financing or other viable arrangements with Prosnav, the source of funds and contact ended for good.
The Chinese funding was actually intended to be used to advance the global commercialization of Ayoxxa's LUNARIS™ technology. The platform can generate high-quality proteomics data using very small sample volumes. It allows fully scalable quantitative validation of disease-relevant biomarkers and enables translational research "from lab to clinic, from model to human, from dataset to drug or vaccine" as the company still states on its website.
The reality looks different: Already in August, no more salaries were paid to the employees, the provisional became an outright insolvency, the three-month salary financing by the employment agency ran until the end of October. However, this period was too short to find new investors, no matter how hard the management tried. But even with all employees laid off since the beginning of the month, Albrecht Läufer has not stopped working. "As long as there is a realistic hope, we will continue to hold talks. We were very well on track, with the new management team and the proven employees we had gained much more traction in the market. Now we have been downright abandoned by the investor, but we are continuing to fight," says Läufer, an experienced industry expert.
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