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Genomatix Closes Series B Financing Round
10/19/2005 5:10:02 PM
ROANOKE, Va.--(BUSINESS WIRE)--May 17, 2005--Genomatix Corporation today announced that it has closed its Series B round of financing involving a $500,000 investment by NewVa Capital Partners, LP, a venture capital fund managed by Third Security, LLC of Radford, Va.
Genomatix provides tools for controlling gene expression and modulating protein interactions. By turning genes "on" and "off" to regulate the production of proteins, scientists can study cell behavior in more detailed and complex ways than ever before. Thomas Reed, Ph.D., Chairman and Chief Science Officer of Genomatix states, "These tools can help point the way to promising therapeutic candidates while helping to avoid potentially harmful side effects." Genomatix will use the proceeds of the financing to accelerate the roll out and marketing of its proprietary genetic tools. "The completion of this investment round is a significant milestone for us. Third Security is a highly regarded life science investor. The fund's commitment to Genomatix is a strong indicator that we are on the right track both scientifically and commercially. We believe that this investment positions us for substantial growth," said Robert Beech, CEO of Genomatix.
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