PITTSBORO, N.C.--(BW HealthWire)--Dec. 5, 2000--Biolex, Inc. announced today the completion of its third round of venture financing for $6.5 million lead by Franklin Street Capital, along with Intersouth Partners, Kitty Hawk Capital, Wakefield Group and Tall Oaks Capital.
With this new infusion of Capital, the company has raised a total of $9.1 million in venture funding to date.
The $6.5 million funding will enable the company to continue to develop its proprietary protein development and manufacturing technology that applies genetic engineering to a rapid-growing aquatic plant system known as Lemna. With this technology, cloned transgenic plants secrete target proteins that can be used to create human or veterinary medicines or other biotechnology applications. The Lemna technology results in higher yields, and a cleaner, faster, more cost-effective approach to protein development and manufacturing than standard mammal, bacterial and yeast-based systems.
``We are excited about completing this new round of funding,'' stated Gabriel R. Cipau, Ph.D., President and CEO of Biolex, Inc. ``With this funding, we are now well positioned to continue the development of our platform technology. We will also continue to expand the research laboratories and the scale up and purification facilities in our new 30,000 sq. ft. building.''
Using its proprietary Lemna System(TM) technology to create human proteins in plants, Biolex plans to develop a wide array of recombinant protein products in multi-therapeutic categories.... |
