>>LEBANON, N.H.--(BUSINESS WIRE)--Oct. 10, 2005--GlycoFi today announced the closing of an $11 million financing. The financing was oversubscribed and was an extension of a $10 million series C financing which closed in December of 2003. Participating in the additional investment were existing investors including Polaris Venture Partners, SV Life Sciences, Boston Millenia Partners, Fletcher Spaght Ventures, Village Ventures and Borealis Ventures, as well as new investors International Biotechnology Trust, Peninsula Equity Partners, and Eli Lilly & Company. The proceeds of the financing will be used to take GlycoFi's protein optimization technology platform to the next level of commercialization.
Also announced was the addition to GlycoFi's Board of Directors of John Fletcher (Fletcher Spaght Ventures) and Pat Fortune (Boston Millennia Partners).
"We are delighted with the positive reaction from the capital markets and especially the addition of International Biotechnology Trust, Penninsula Equity Partners, and Eli Lilly & Co as new investors, as well as the continued support of our existing investors," said Charles Hutchinson, President of GlycoFi. "We believe this investment further validates the large market opportunity we are poised to capture with our technology for the creation and efficient production of Next Generation Biotherapeutics(TM) with improved performance and safety. This funding will allow us to greatly expand the commercial reach of our technology."
About GlycoFi
GlycoFi is a private, venture-backed, biotechnology company whose investors include Polaris Venture Partners, SV Life Sciences, Boston Millennia Partners, and Fletcher Spaght Ventures. GlycoFi leverages its pioneering protein optimization technology to develop, produce and commercialize Next Generation Biotherapeutics(TM), alone and in partnership with other leading biopharmaceutical companies. For additional information please visit www.glycofi.com. <<
Note Lilly on board in this round. In addition to equity investment announced in the PR you posted? But the CEO has left because the company isn't developing internal candidates, leaving co-founder and former CEO back in charge:
>>GlycoFi, Inc. CEO Departs; Co-Founder Charles Hutchinson Becomes President
By VentureWire Staff Reporters 10/10/2005 Alongside an August decision to move towards partnership of its platform with pharma instead of a product-driven business strategy, Chief Executive Sylvie Gregoire vacated her position at Lebanon, N.H.-based GlycoFi Inc.
A replacement has not been named, but alongside Gregoire's exit, GlycoFi co-founder and former CEO Charles Hutchinson has taken the helm as president.
Gregoire, an executive vice president of technical operations at Biogen Inc., joined the company in October 2004. Hutchinson said she departed as the company decided not to pursue the internal development of drug candidates from its yeast-driven protein expression technology. The company instead switched back to its original business plan of partnering with large drug developers to improve and manufacture their molecules.
Hutchinson co-founded GlycoFi in the spring of 2000. Before that, he was dean of the Thayer School of Engineering at Dartmouth College. He has also served as the co-founder of Medical Media Systems, Inc., and Dilon Technologies. <<
Wonder why they are flip-flopping on their business plan? Clearly heading for an IPO in a few years.
Cheers, Tuck |
