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Cambridge-based Ligon Discovery Raises $1M in Seed Funding



11/20/2009 10:39:27 AM

CAMBRIDGE, Mass., Nov. 19 /PRNewswire/ -- Ligon Discovery, Inc., which uses proprietary small molecule microarray technology to find drugs against high-value targets, today announced that it has raised $1M in seed financing led by incTANK Ventures. The company will use the capital to complete its initial discovery campaign that will screen over 100 high-value disease protein targets. With this investment, incTANK Ventures General Partner Christian Bailey joins the board.

Christian Bailey, General Partner at incTANK Ventures, commented, "Ligon represents a rare combination: although it is an early-stage company, its patented technology has already chalked up some significant drug discovery successes which big pharma companies are now pursuing."

"Ligon is a terrific example of how research at one of Massachusetts' leading academic institutions can be commercialized, leading to new jobs and new therapies that help patients," said Dr. Susan Windham-Bannister, President & CEO of the Massachusetts Life Sciences Center, the agency charged with implementing the state's ten-year, $1 billion Life Sciences Initiative. "Translating research from our world-class colleges and universities into early stage companies and life-saving products is what makes Massachusetts the hub for innovation in the life sciences."

About incTANK Ventures

incTANK Ventures invests in Boston area technology ventures with strong intellectual property and compelling market opportunities emerging from premier universities and research institutions. Funded innovations are often inter-disciplinary and span the applied sciences including biotechnology, life sciences, materials science, and computational science. Existing portfolio companies include Agrivida, which applies genomic technology to sugar/biofuel production, and AgaMatrix, which applies audio signal processing technologies to blood glucose monitoring. For more information, visit www.inctank.com.

CONTACT: Tracey Rice of Ligon Discovery, +1-617-453-0952,
press@ligondiscovery.com

Web site: http://www.ligondiscovery.com/


Read at BioSpace.com


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