LONDON, November 8 /PRNewswire/ -- Inpharmatica, the selective drug discovery company, is pleased to announce the successful completion of a GBP13.9m (USD25m) third round financing led by Reed Elsevier Ventures.
Inpharmatica will use the proceeds of the funding to further develop its in-house and collaborative drug discovery business, and to boost its successful and revenue-generating licensing activities for its PharmaCarta(TM) platform. The Company also expects to reinforce its already substantial international business, particularly in North America and Asia.
Founded in 1998, Inpharmatica Ltd is a selective drug discovery company applying its leading-edge discovery platform, PharmaCarta(TM) to its internal discovery programmes and, on a revenue generating basis, on behalf of customers. PharmaCarta(TM) is a gene to drug platform with three core components; gene/protein identification through Biopendium(TM); target selection and lead identification through Chematica(TM); and lead optimisation through Admensa(TM). The Company's lead internal discovery programme, derived through its application of PharmaCarta(TM), involves a group of sixteen novel nuclear receptors. Nuclear receptors are an important class of proteins, being the most druggable of all major protein families by precedence, and having an important role in a number of major diseases.
The placement was led by Reed Elsevier Ventures a leading global venture capital fund and part of the Reed Elsevier Group. Reed Elsevier is the world's largest professional publisher and a major provider of journals, data & software to the life sciences industry worldwide. Other investors included Abingworth, Advent, Gilde, GIMV and 3i.
Commenting on the fundraising, Edwin Moses, Chairman of Inpharmatica, said:
"We are delighted to have concluded this financing and to have attracted such a knowledgeable lead investor. 2004 has been a pivotal year for the Company with all aspects of the Company's revenue generating business showing substantial growth. The Company's internal discovery programmes continue to make progress and we look forward to seeing the fruits of that progress during the next phase of the Company's development.
The money raised will further assist in the development and marketing of Inpharmatica's platform technologies and importantly accelerate our progress within internal discovery."
Kevin Brown, Partner at Reed Elsevier Ventures who joins the Inpharmatica Board added:
"Reed Elsevier Ventures is delighted to have led this major financing round. We believe Inpharmatica's platform technology is world class and we have been consistently impressed by the motivation, experience and professionalism of its management team and employees alike. Their bioinformatics products are unique & could greatly benefit Reed Elsevier's life sciences customers in driving faster, information-driven drug discovery. I look forward to working with the Board and senior management going forward.
About Inpharmatica : (http://www.inpharmatica.com/)
Founded in 1998, Inpharmatica Ltd is a selective drug discovery company using predictive technologies to improve speed and productivity. Focusing on highly druggable targets, its unique proprietary platform, PharmaCarta(TM), is an integrated suite of informatics-based technologies fully capable of rapid gene to candidate operations. Inpharmatica's lead discovery programme is focused on generating pre-clinical candidates against 16 novel nuclear receptors - proteins widely considered to be both druggable and of high therapeutic interest. Other significant programmes include novel secreted proteins/antibody targets, ion channels, P450 enzymes, metalloproteinases and progestin receptors.
Inpharmatica's initial technology was based on research from Professor Janet Thornton's group at University College London. The Company employs approximately 100 professionals at its UK locations in London and Cambridge, with business development headed in North America. Inpharmatica has raised some GBP49.0m from leading venture capitalists and has sales/collaboration partnerships with Serono, Pfizer, GSK, Aventis, P&G, Daiichi, Riken, Taisho, Chugai, UCB Pharma, MDL, Ionix, CellZome and Galapagos.
Reed Elsevier Ventures, email@example.com
Reed Elsevier Ventures, the venture arm of Reed Elsevier plc, was established in 2000 with an initial fund of USD100m.
The Venture team is responsible for making investments in innovative late-stage companies that have the potential to provide the Group with new technologies, products, services or customers. Reed Elsevier's trusted brands, customer reach and ever increasing digital delivery make the Group an ideal commercial partner for emerging best-of-breed companies seeking market acceleration and a strong relationship with a leading global publisher. The team is comprised of experienced investors in the US and European venture capital markets.