Error accessing COM object from IIS 7 Web site

In my ASP.NET application I use COM objects, which were added as a new reference in visual studio project explorer. Those COM objects host API functions to connect, fetch and write to some kind of a special database. Dll files were also registered using regsvr32 command.

Everything worked fine when developing and using IIS Express. Problem happened when, server was switched to Local IIS. Web page is successfully loaded and displayed(login page), but when trying to login a user, a call to API function is necessary to confirm user and redirect from login page. Error happen when trying to instantiate class from those COM objects:

Dim prj as Project

Here is the stack trace of error

stacktrace:    at System.RuntimeTypeHandle.CreateInstance(RuntimeType type, 
Boolean publicOnly, Boolean noCheck, Boolean& canBeCached, 
RuntimeMethodHandleInternal& ctor, Boolean& bNeedSecurityCheck)
   at System.RuntimeType.CreateInstanceSlow(Boolean publicOnly, Boolean 
skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark)
   at System.Activator.CreateInstance(Type type, Boolean nonPublic)
   at System.Activator.CreateInstance(Type type)
   at EmpowerReports.Empower.isValidUser(String user, String pass) in 
C:\Users\smirnig2\Documents\Visual Studio 
2015\Projects\EmpowerReports\EmpowerReports\Empower.vb:line 16

Hresult code is -2147221164. My question is how to properly use COM objects from ASP.NET web application hosting on IIS 7 and/or what mistake did i make so far.

EDIT: Found solution in this thread Class not Registered error in IIS Published WebService