Inpharmatica raises €19.9m in financing round
(€19.9 million) in a third round stock financing with several
top-tier biotechnology investors and says it will use the proceeds
to progress its PharmaCarta platform technology.
Proceeds from this financing will also be used to develop its in-house and collaborative drug discovery business, which includes its comprehensive target identification (Biopendium), effective target selection and lead identification (Chematica) and early ADME optimisation (Admensa) services.
The company's lead internal discovery programme, derived through its application of PharmaCarta, involves a group of sixteen novel nuclear receptors. Nuclear receptors are an important class of proteins, being the most druggable of all major protein families by precedence, and having an important role in a number of major diseases.
Commenting on the fundraising, Edwin Moses, chairman of Inpharmatica, said: "2004 has been a pivotal year for the Company's revenue generating business showing substantial growth. The Company's internal discovery programmes continue to make progress towards the next phase of the company's development."
The money raised will further assist in the development and marketing of Inpharmatica's platform technologies and importantly accelerate the progress within internal discovery.
The company commented that it also expected to reinforce its already substantial international business, particularly in North America and Asia.
Lead investor Reed Elsevier Ventures commented on the 'uniqueness' of their bioinformatics products adding it would greatly assist 'in driving faster, information-driven drug discovery.' Other investors included Abingworth, Advent, Gilde, GIMV and 3i.
