Atley Solutions raises 13,7 million SEK in a new share issue
Chalmers Ventures portfolio company, Atley Solutions, has raised 13,7 million SEK in a new share issue. The company is now transitioning from product development to launch while also preparing to establish the company in the USA.
– Our field is growing internationally and fastest in the USA. Much of the research is happening there, and we are receiving interest from both potential customers and investors in the USA,” says Milton Lönnroth, CEO of Atley Solutions.
The company has been part of Chalmers Ventures since its start in 2019. Chalmers Ventures has invested in the company in two investment rounds, the second of which has just ended. In addition to existing shareholders, such as Chalmers Ventures and board member and industry expert Erik Strömqvist, five new investors have participated in the share issue: Marinvest AB, Vätterledens Invest AB, Västkupans Fastighets AB, Henry Myrgren, och Magnus Noord Management AB.
– We always syndicate with other investment partners. We have done so in this case as well. There is a significant global demand for Altey Solutions’ products and services, and the company contributes to future improved nuclear medicine and therefore better cancer treatments. Atley Solutions represents significant potential for important research and deep tech to reach the market where it can do good and, at the same time, the innovation represents a good business with global growth potential,” says Sara Wallin, CEO of Chalmers Ventures.
Automated drug manufacturing
Atley Solutions provides products and services related to the development and manufacturing of radioactive drugs. Simplified, the drugs function as targeted missiles, which means minimal negative impact on healthy cells. Thus, the chances of curing cancer without significant side effects increase.
Atley Solutions’ first product, Atley C100, means that the manufacturing of radioactive drugs based on the alpha emitter astatine-211 can be automated. This is necessary to guarantee repeatable and standardized production, which is a requirement for testing and administering drugs to humans.
Significant potential for volume sales
In the market development that Atley Solutions is facing now, the company has several development agreements where customers pay. The business model is based on two pillars. First, the sale of Atley C100 and, secondly, the disposable items that also generate revenue for each manufacturing occasion. Additionally, Atley Solutions offers a service.
– Our primary goal is to help pharmaceutical companies conduct clinical trials and, ultimately, launch new drugs. Our hardware platform, Atley C100, is most relevant when drug developers are starting clinical trials. To increase the number of projects that reach clinical trials, we have launched a service offering where we help pharmaceutical companies generate new clinical candidates and prepare the candidates for clinical trials by developing automated manufacturing processes with our technology. This way, we can help pharmaceutical companies get started with new clinical projects while also building the market for our hardware products,” says Milton Lönnroth.
The need for better cancer care is significant. However, radioactive drugs have a limited lifespan. Astatine, for example, has a half-life of 7.2 hours. That means drugs need to be manufactured as close to the patient as possible. For Atley Solutions, this means significant potential for volume sales.
- Milton Lönnroth, CEO, +46 (0) 70 434 84 57
- Sara Wallin, CEO, Chalmers Ventures, +46 (0) 70 637 43 00