CAMBRIDGE, England, Dec. 1 /PRNewswire/ -- Purely Proteins Ltd (Cambridge, England) announced today that it has received a second round of venture funding of $3.6 million. Led by Avlar BioVentures, the round also included British Smaller Technology Companies VCT2 plc and Bioscience VCT plc as investors.
Dr David Bailey, Chief Executive Officer of Purely Proteins (PP), said: "I am delighted to announce the completion of PP's second funding round. PP focuses on the production of pure human proteins, a major bottleneck for today's pharmaceutical industry. Working with some of the world's most respected discovery partners, PP uses these proteins as targets for the discovery of new medicines and high-value bio-therapeutics. In 2003, at our first round, we welcomed both Avlar BioVentures and British Smaller Technology Companies VCT2 plc as investors. Their support enabled us to establish the company on the Cambridge Science Park and expand our existing range of products and services. Avlar and BSTC2 are now joined by Bioscience VCT as an investor. The additional funding will accelerate PP's development of new, proprietary bio-separation processes to leverage a new generation of drugs and bio-therapeutics."
Dr David Parry-Smith, Chief Operating Officer of Purely Proteins, said: "PP's technology exploits recent advances in molecular biology and computational ligand design, enabling the exploration of entire protein families for discovery purposes. This round of investment will support expansion of our commercial programs while building value within PP's technology base".
Mark Burton, Technology Manager at Medical Marketing International Group plc (MMI) and a new Board member of PP, commented: "MMI, representing Bioscience VCT, is very pleased to have joined PP's investment team. We are backing an experienced management team that has a unique technology offering to a significant and growing market. Their business model of using revenues to generate longer-term commercial value is very appealing."
Purely Proteins, founded by experienced ex-Pfizer scientists in association with leading scientists from Cambridge University, has been established to exploit the increasing need for and use of human proteins in human medical research. The company purifies suites of human proteins, as both drug targets and bio-therapeutics, using proprietary processes that ensure both high purity and biological activity. Purely Proteins also offers ligand screening services, backed by state-of-the-art informatics, to examine therapeutic targeting to these proteins.
Further information about Purely Proteins Ltd can be found at http://www.purelyproteins.com/.
Avlar BioVentures Limited (http://www.avlar.com/) manages $122m of funds focused upon seed and early stage opportunities in biotechnology and healthcare. It works actively with its investee companies to generate value from novel technologies. Avlar has invested in 18 companies since it was founded in 1999.
British Smaller Technology Companies VCT2 plc / YFM Group
BSTC2 VCT, a $13.7 million fund investing in early stage technology businesses throughout the United Kingdom, is advised by YFM Group (http://www.yfmgroup.co.uk/). YFM provides investment capital and business development services to small and medium sized enterprises (SMEs) throughout the UK and is the UK's leading institutional investor in SMEs seeking up to $2 million of capital. YFM manages more than $496 million of funds, including three Venture Capital Trusts.
Bioscience VCT / Medical Marketing International Group plc
BioScience VCT plc, which raised $13.3m in 2002, invests in a broad range of unquoted bioscience companies. The investment manager to BioScience VCT is Octopus Asset Management Ltd and the technology adviser is Medical Marketing International Group plc. Octopus (http://www.octopusam.com/) was established in 2000 by a group of fund managers from Merrill Lynch Investment Managers. It is authorized by the FSA and is a member of the BVCA. MMI (http://www.mmigroup.co.uk/) was established in 1988 and is a Cambridge, UK-based, bio-therapeutic development company.
Purely Proteins Ltd