CAMBRIDGE, England, Nov. 25 /PRNewswire/ -- Purely Proteins Ltd (Cambridge, UK) (Purely Proteins) announced today that it has received a first round of venture funding.
Dr David Bailey, Chief Executive Officer of Purely Proteins, said: "I am delighted to announce the completion of the first funding round of Purely Proteins (PP). PP has been established to exploit the increasing need for human proteins in pharmaceutical research. The company purifies suites of human proteins, both drug targets and bio-therapeutics, using proprietary processes that ensure both high purity and biological activity. We also offer drug discovery services, backed by state-of-the-art informatics, to examine therapeutic targeting to these proteins. In this first round, we welcome both Avlar BioVentures and Yorkshire Fund Managers as investors. Their support will allow us to expand our existing range of informatics- and protein-based products, as well as begin to apply our technologies to the discovery of new therapies."
Dr David Parry-Smith, Chief Operating Officer of Purely Proteins, said: "Purely Proteins' technology marries biochemical and in silico approaches to explore protein function and therapeutic target relevance. PP's emphasis on database pharmacology through protein family mapping provides a new perspective on drug-target interactions on a systematic basis. This promises to significantly enhance understanding of drug selectivity for our customers."
Dr Dan Roach, Investment Director at Avlar BioVentures, commented: "We are very pleased to have led this first Venture Capital Investment in Purely Proteins. We are backing a very experienced management team who have already demonstrated the ability to found and successfully grow companies in the Biotechnology Sector. Their business model is very appealing in this rapidly changing market place."
Mr David Livesley, Technology Fund Manager at Yorkshire Fund Managers, added: "Purely Proteins operates within a rapidly evolving area of the bioscience market -- proteomics -- in which we were keen to find a strong investment opportunity. PP's business model will allow the company to adapt rapidly to new market opportunities, whilst exploiting its expanding proprietary intellectual property."
Purely Proteins uses its proprietary affinity purification technologies and computational software for information integration to identify novel relationships between discovery targets and their corresponding chemical ligands. Purely Proteins' databases house both public domain and proprietary information of direct relevance to drug discovery, linking proteomics to established areas such as structural biology and medicinal chemistry. The company has an existing relationship with Cytomyx (LONDON: CYX) in which both companies are collaborating on human drug receptor research. More information about Purely Proteins' products and services can be found at http://www.purelyproteins.com/
Avlar BioVentures Limited (http://www.avlar.com/) manages two funds both focussed upon seed and early stage opportunities in biotechnology and healthcare. Avlar I closed in March 1999 with total commitments of 20.7 million pounds sterling and has made investments in 11 companies. Avlar II had a final close in January 2003 with a commitment of 43 million pounds sterling. Purely Proteins is the eighth investment from Avlar II.
Yorkshire Fund Managers
Yorkshire Fund Managers Limited (http://www.yorkshirefundmanagers.co.uk/) is the investment arm of the Yorkshire Enterprise Group. It is authorised by the FSA and is a member of the BVCA.
Dr David Bailey
Chief Executive Officer
Purely Proteins Limited
48 Regent Street,
Cambridge, CB2 1FD, UK
Purely Proteins Ltd