US zuChem, a development-stage company that focuses on commercialising manufacturing processes for glycochemicals, has raised a considerable chunk of capital. Funds earmarked for development of new sugar-based pharmaceutical intermediates.
Gaining funds from private and public sources, the US company succeeded in raising a total of $850,000 (€743.031) in the close of its Series A financing.
"zuChem is a perfect example of how organised early stage capital can be leveraged and where the strong partnership between public and private sectors will catalyse the growth of a promising new technology company," said Tom Churchwell, managing partner of ARCH Development Partners, a seed investment fund.
zuChem has previously partnered with the National Center for Agriculture Utilisation Research in Peoria, Illinois, to co-develop its initial product, a reduced calorie sweetener for the food industry, that is currently being transferred to full-scale manufacturing.
The company said that it still has a close association with the centre and the new funding will contribute to the expansion of its research operations in Peoria.
While zuChem's initial products serve the food ingredients industry, the company hopes that the new funding will help to accelerate its product development for the pharmaceutical industry.
"The funding will also allow us to begin development of new sugar-based pharmaceutical intermediates," said David Demirjian, president of the company."The technologies zuChem is developing will help create new antibiotics, anticancer and antiviral drugs in the future."