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Protein Forest, Inc. Closes $19 Million In Oversubscribed Series A Round


10/19/2005 5:08:53 PM

WATERTOWN, Mass.--(BUSINESS WIRE)--Nov. 21, 2003--Protein Forest, Inc., a privately held company developing innovative protein separation products for the study of proteomics and biomarkers, has secured $19 million in Series A financing. The round was led by S.R. One LTD, Boston Millennia Partners, IDG Ventures, Novo A/S and private investors also participated. The proceeds of the financing will be used to complete development and launch of Protein Forest's digital ProteomeChip(TM). Protein Forest has developed a suite of proprietary products which enable scientists to separate and image all proteins in a biological sample in one hour or less, with levels of sensitivity, reproducibility, and accuracy currently unobtainable by other techniques. "The products overcome all of the limitations of existing protein profiling technologies and for the first time enable high throughput analysis in a miniaturized format," says Protein Forest CEO Dr. Russell Garlick, former VP R&D PerkinElmer.

"The convergence of a growing proteomics marketplace, combined with Protein Forest's transformational products, positions this Company to become a leader in this space," says Dr. Mark Strobeck, S.R. One LTD.

Protein Forest was co-founded by Boston-based PureTech Ventures LLC, a life science venture creation company, and by Israeli physicists Drs. Shmuel Bukshpan, Uri Halavee, and Gleb Zilberstein, who conceived and invented the company's proprietary technology. Protein Forest's board is chaired by Dr. John Zabriskie, PureTech General Partner and former CEO of Pharmacia & Upjohn and NEN Life Science Products and includes Dr. Bennett Shapiro, PureTech Venture Partner and former EVP Worldwide Licensing at Merck & Co., Inc. and Dr. Uri Halavee. Joining the Board of Directors are Dr. Robert Mashal, Boston Millennia Partners, Mr. Michael Greeley, IDG ventures, Dr. Mark Strobeck, S.R. One LTD and Dr. Jack Johansen.

"At Novo, our investment focus has primarily been on companies developing therapeutic products and this is only our second investment in a platform/tools company. We believe that Protein Forest's digital proteome chip will have a transformational impact on the pharmaceutical industry and, among other things, will clarify the role of specific proteins or families of proteins in the development of disease," says Jack Nielsen, Partner at Novo A/S, the primary shareholder in Novo Nordisk.

"Advances in the field of proteomics have been constrained by existing technologies and we believe Protein Forest's solution coupled with recent developments in bioinformatics will enable many new and important biomarker and diagnostics applications," observes Michael Greeley, Managing General Partner of IDG Ventures.

The Company expects its products to be widely adopted by molecular and cellular biologists for the analysis of protein function, for the analysis of protein expression at picogram levels, for the identification and validation of drug targets, for preclinical and clinical evaluation of new drugs and for the identification of disease biomarkers. The products are readily integrated with mass spectrometry analysis for protein identification.

About Boston Millennia Partners

Boston Millennia Partners is a private equity investment partnership managing over $700 million in capital. From its office in Boston, Millennia invests in high-growth businesses in the healthcare and life sciences, information technology and business services, and telecommunications industries. Typical investments range from $3 to $15 million. The managers at Millennia have funded over 120 companies in the U.S. private equity market since 1980. For more information, visit our website at www.millenniapartners.com.

About IDG Ventures

IDG Ventures is a global venture capital firm with approximately $600 million under management and a portfolio of over 100 companies built over the last 10 years. With offices in Boston, London, San Francisco, Seattle and throughout China, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm's limited partner, International Data Group, is the world's largest IT media and research company operating in 85 countries. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration, global expansion and establishing relationships with key strategic partners. Please visit www.idgventures.com for additional information.

About Novo A/S

Novo A/S is a private company, wholly owned by the Novo Nordisk Foundation. Novo A/S provides venture capital and expertise for development stage companies with a pioneering concept within life-sciences. Novo A/S has a rapidly expanding portfolio of venture capital investments. Furthermore, Novo A/S holds significant share holdings in Novo Nordisk A/S and Novozymes A/S. More information about Novo A/S can be found at www.novo.dk.

About S.R. One LTD

S.R. One LTD is a $100 million evergreen venture capital fund established in 1985. It is a wholly owned affiliate of GlaxoSmithKline, one of the world's leading health care companies. Its primary mission is to achieve financial return while at the same time investing in companies of potential collaborative interest to GlaxoSmithKline. S.R. One invests, at all stages of development, in companies that are engaged in research, development, and marketing of human pharmaceuticals and biologics. Since its inception, it has invested $380 million to support the growth of more than 110 companies and 25 venture capital partnerships with complementary investment interests. Please visit www.srone.com.

About PureTech Ventures LLC

PureTech is a life science venture creation and business development organization. Our team has specialized knowledge and expertise in creating life science ventures based on seminal technology breakthroughs; and in strategic partnering for private and public life science companies. For more information, visit our website at www.puretechventures.com.

About Protein Forest

Protein Forest is a life science company developing and marketing consumable microchips, instruments and software products based on its proprietary digital ProteomeChip(TM) technology for the rapid separation, detection and analysis of proteins and biomarkers. Please visit http://www.puretechventures.com/portfolio/pforest/ for additional information.

Contact:

Protein Forest Russell Garlick, Ph.D., 617-926-4778 rgarlick@proteinforest.com or

Feinstein Kean Healthcare Jennifer Viera, 617-577-8110 jviera@fkhealth.com

Source: Protein Forest, Inc.


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