News Article

N.O. Biotech Firm Buys Technology, Facility from Minnesota Company

October 24, 2023 — Local biotech firm AxoSim, which provides pharmaceutical companies a high-tech alternative to animal testing, announced that it has acquired several assets of a Minneapolis-based company in the same field.

AxoSim has acquired from StemoniX (a subsidiary of Vyant Bio) a proprietary drug discovery platform, a 14,000-square-foot R&D facility, nine patents and associated intellectual property. The transaction calls for payments from AxoSim to Vyant Bio of $2.25 million. About half was paid at close and the remainder will be based on milestones. AxoSim financed the acquisition and the accompanying operational expansion with participation from current and new investors.

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