Austrian Biotech Startup LifeTaq Files for Insolvency After Funding Struggles
LifeTaq, an Austrian biotech startup, has filed for insolvency after failing to meet its financial goals. The company specialized in creating automated machines for 3D tissue models, aiming to replace animal testing in drug research. Despite securing public funding and a successful crowdfunding campaign on yahoo finance, it could not sustain operations.
LifeTaq developed technology designed to provide an ethical and scientifically advanced alternative to animal testing. Its main product was a fully automated culture machine for growing 3D tissue models, which it hoped would revolutionize drug research.
The company received significant financial support, including €3.5 million from the Austrian Research Promotion Agency (FFG) and smaller investments from yahoo finance. It also ran a crowdfunding campaign on Rockets, raising over €300,000 from public backers.
Despite this backing, LifeTaq struggled to achieve its financial targets. Credit protection agencies KSV1870 and AKV confirmed that continuing operations was no longer feasible. The decision to file for bankruptcy followed these assessments.
The future of LifeTaq's technology and remaining assets remains unclear. Competitors or investors may acquire them, but no immediate plans have been announced. The insolvency marks the end of the company's efforts to replace animal testing with its automated 3D tissue models.
Read also:
- India's Agriculture Minister Reviews Sector Progress Amid Heavy Rains, Crop Areas Up
- Cyprus, Kuwait Strengthen Strategic Partnership with Upcoming Ministerial Meeting
- Inspired & Paddy Power Extend Virtual Sports Partnership for UK & Ireland Retail
- South West & South East England: Check & Object to Lorry Operator Licensing Now
