LA JOLLA, Calif., July 10 /PRNewswire/ -- ActivX Biosciences, Inc., a privately-held, emerging biotechnology company in the field of activity-based proteomics, today announced the completion of a $20 million private placement financing led by Oxford Bioscience Partners. Existing investors, Frazier & Company and ProQuest Investments, were joined by new investors, Oxford Bioscience Partners, Vulcan Ventures, CIT Venture Capital, and Novo A/S.
``We are delighted to complete this financing which will enable us to complete development of ActivX's chemistry-based high-throughput platform, the first for activity-based proteomics,'' stated John W. Kozarich, Ph.D., ActivX President and Chief Executive Officer. ``The quality of our new investors and the continuing confidence of earlier investors is deeply gratifying.''
``After a survey of the many different approaches being tried in the proteomics field, ActivX's chemistry platform represented a unique investment opportunity in a technology that profiles the activity level of proteins; activity level is the information that discovery researchers are most interested in. Indeed, both mRNA levels and protein abundance are only proxy measures for the activity level of a protein, and fairly unreliable ones at that,'' stated Michael Lytton, a general partner at Oxford Bioscience Partners.
ActivX Biosciences, Inc., (www.activx.com), a privately held biotechnology company in La Jolla, California, is a pioneer in the field of activity-based proteomics, the identification and analysis of active proteins. By focusing on protein activity, ActivX is addressing the biochemical mechanisms of disease more directly than standard genomics and proteomics techniques. ActivX technology includes novel chemistry integrated into a high-throughput platform to rapidly interrogate the activities of proteins in all ranges of abundance in any biological sample. ActivX is using its proprietary technology to solve the most important problems in drug discovery and development, including identification of novel drug targets, determination of target selectivity for drug candidates and the assessment of efficacy and toxicity for candidate and established drugs. |
