A Buffalo nanomaterials firm is hoping a new investment deal will help it accelerate product development and commercialization efforts.
NanoAxis LLC is a six-year-old firm that focuses on using nanomaterials for various biomedical applications related to drug delivery and point-of-care devices.
The company recently became one of nine investors in NanoApps Medical Inc., an Ontario-based nanomedicine company with existing development relationships at the Mayo Clinic and Louisiana State University. Financial terms were not disclosed.
The relationship is expected to help both companies speed up the development process while opening up access to talent on both sides, said Dr. Krishnan Chakravarthy, founder and president at NanoAxis.
That includes helping NanoApps develop a breath-based process to detect various disease biomarkers as opposed to traditional blood draws, while integrating the process into therapeutic platforms under development at NanoAxis for neurological disease, Alzheimer’s, as well as gene therapy products to treat various cancers.
“This would be a paradigm change,” he said. “Instead of having blood be the medium, we’re looking at breath as a completely non-invasive way of reading different markers.”
NanoAxis was formed in 2008 after Chakravarthy and several partners won a business plan competition at the University at Buffalo.