Axio Biosolutions today announced that it has completed its ESOP Buyback program of half a million US dollars for its current and past employees. This buyback is on back of its recent Series B2 fund raise of $6 million last year.
Under this liquidation, eligible past and current employees have been able to liquidate their vested ESOPs for a combined value of $0.5 million. Employees, irrespective of their job profile or tenure, have been provided ESOP liquidation opportunity as the company looks to acknowledge the contribution of all members of Axio in its growth journey. From housekeeping staff to scientists to sales team Axio Employee Stock Option Incentive plan covers almost 40% percent of the entire team. This is Axio’s second buyback program. In the past, Axio had brought back shares of early investors worth $1 million.
Responding to the buyback program, Leo Mavely, Founder and CEO, Axio Biosolutions said, “This ESOP buyback is our way of showing gratitude and also making them partners in the success of Axio. ESOP issuance and buybacks are not so common in medtech industry here and we expect to set a trend to honor our scientists and team who work hard to push the science forward."
Axio has raised over $21 million till date from marquee investors and recently forayed into the US market with its novel hemostatic range namely Axiostat that stops moderate to severe bleeding instantly in hospital procedures and battlefield trauma.
