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2020-01-17

LifeAssays: The next step is taken for Aegirbio AB, LifeAssays and Abreos Biosciences joint venture , a pre-IPO based on a ...

Aegirbio AB, LifeAssays and Abreos Biosciences joint venture, 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

The information in this press release is information that LifeAssays
AB is required to disclose in accordance with EU Market Abuse
Regulation (EU) No 596/2014.

For further information, contact the CEO of LifeAssays AB, Anders
Ingvarsson 46 46 286 54 00 or email: info@lifeassays.com

About LifeAssays: NGM-listed LifeAssays AB's business concept is to
develop, manufacture and sell diagnostic systems based on the
company's own and patented technology platform, MagnetoImmunoAssay
(MIA). The company provides safe and robust systems for rapid and
reliable analyzes in veterinary medicine. For more details see
www.lifeassays.com

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https://news.cision.com/se/lifeassays/r/the-next-step-is-taken-for-aegir...
https://mb.cision.com/Main/15162/3010352/1175513.pdf

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