WINDSOR, Conn.--(BW HealthWire)--Oct. 12, 2001--Protedyne, a leading provider of integrated automation solutions for genome-based drug discovery, announced today that it closed a $12 million private round of financing. The Sprout Group, a venture capital affiliate of Credit Suisse First Boston, led the institutional placement.
Protedyne will use the proceeds to further commercialize its current portfolio of BioCube(TM) System products that optimize the entire discovery process in academic and commercial laboratories. The company also will use the funds to develop new BioCube products and BioResearch(SM) Contract Services for additional molecular biological applications.
``Since the introduction of our first products in early 2001, we have established relationships and gained customers among the leading genomics and drug discovery firms, including Celera, Invitrogen, and PE Applied Biosystems,'' said Stan Klein, Protedyne president. ``It is now essential to extend our reach in the marketplace, particularly as laboratories are seeking greater efficiencies in identifying new leads and establishing IP positions. Protedyne's solutions achieve dramatically shorter times to discovery and generate the highest returns on customers' research investments. Our goal is to become the undisputed leader in providing automation solutions for complex molecular biological research processes. The current funding will take us a significant distance towards accomplishing this objective.''
Ron Hunt, director, Sprout Group, stated, ``Protedyne has a clear market advantage transforming high-value, labor-based molecular biological research processes into ultra-high throughput, automated processes. Protedyne's BioCube System offers the ability to automatically monitor and audit thousands of process steps across thousands of samples, giving researchers unprecedented levels of throughput and control over processes that, to date, have been subject to error introduced by human technicians. This will no doubt result in huge savings in direct labor and reagent costs. We have been most impressed by the significant response that this young company has already achieved with a blue chip group of customers, providing a strong platform for further growth.''
Mr. Hunt will be joining the board of Protedyne, as will Thomas Penn, general partner of Meridian Venture Partners. The syndicate of investors includes The Sprout Group, Meridian Venture Partners, Long River Ventures, and Boston Community Venture Funds.
About Protedyne
Protedyne combines scientific expertise, innovative automation systems, and integrated project management to create innovative solutions for genomic-based drug discovery. These solutions incorporate the highly flexible BioCube System. This ultra-high throughput laboratory automation platform improves the effectiveness of genetic research and dramatically accelerates the discovery of new drugs. The system utilizes Protedyne's CILA® (Computer Integrated Laboratory Automation) architecture that rapidly and seamlessly integrates hardware, software and scientific protocols into the customer's R&D infrastructure. CILA's real-time integrated data tracking provides the highest data integrity and lowest error rates across the discovery process.
The BioCube system includes: Molecular BioCube for multi-functional liquid handling and molecular biology sample processing; PCR BioCube for the robotic loading and unloading of up to 32 PCR machines; and Gel BioCube to fully automate agarose gel electrophoresis including gel manufacture, gel run, and gel analysis. In addition, Protedyne's BioResearch Team, a group of highly qualified and experienced scientists, offers contract and research services to enhance the R&D programs of its collaborators and partners. The company is based in Windsor, Connecticut, and sells and services its solutions around the world. For more information, www.protedyne.com |
