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CODA Genomics, Inc. Closes $1.6 Million Series B Financing Led By The Life Science Angels



2/28/2006 10:46:36 AM

MENLO PARK and IRVINE, Calif., Feb. 28 /PRNewswire/ -- CODA Genomics, Inc., a DNA synthetic biology and protein expression company, announced today that it has closed a Series B funding of over $1.6 million. The round was led by the Life Science Angels, and includes venture capital firm Monitor Ventures and previous investors from the Tech Coast Angels. The round has two representatives on the CODA Board of Directors, Ken Kelley from the Life Science Angels, and Neal Bhadkamkar from Monitor Ventures.

CODA offers gene kits and services optimized to assemble DNA into single genes that are guaranteed to express specific proteins. CODA genes are optimized for correct self assembly, and also for characteristics that guarantee they express the desired protein at high levels in a biological expression system of choice, currently a difficult hurdle in protein drug discovery research. CODA's patented Translation Engineering methods create engineered DNA constructs that allow facile research on protein structure/function properties such as solubility, excretion, and folding.

Dr. Robert J. Molinari, CEO of CODA comments, "We are delighted to have LSA and Monitor as our investment partners in CODA. LSA, with many experienced life science entrepreneurs as members, is ideally suited to identify and lead this investment. Monitor Ventures, with its extensive links and strategic insight into large biopharmaceutical clients can also greatly assist the company."

Kenneth Kelley is a mentor and investor to life science entrepreneurs at K2 BioVentures. Previously he was a venture capitalist with Institutional Venture Partners and Latterell Venture Partners and a founding CEO with IntraBiotics Pharmaceuticals. Regarding the CODA financing, Mr. Kelley said, "Life Science Angels is very excited about CODA's synthetic genes business. We believe their unique Translation Engineering(TM) solves many problems of protein expression and will be enabling of research in academia and in the biopharmaceutical industry."

Dr. Neal Bhadkamkar is Managing Partner of Monitor Ventures, an early stage venture capital affiliate of The Monitor Group. Before co-founding Monitor Ventures, Neal had a successful career in technology commercialization. Dr. Bhadkamkar said, "Our team was excited by CODA for two reasons: robust, peer reviewed computational technology being applied to a fundamental problem that spans both life-science and industrial markets; and an outstanding team in every part of the company -- science, operations, sales and the board."

CODA, Inc. was started in 2004 to commercialize the NSF-supported DNA assembly and protein expression optimization technology from the laboratories of Drs. Richard Lathrop and G. Wesley Hatfield at the University of California, Irvine. CODA's Gene Kits and services allow researchers to assemble DNA constructs reliably while rationally understanding functional aspects of their proteins.

Monitor Ventures is an early-stage venture capital firm that partners with exceptional entrepreneurs to commercialize technology into world-class products and services. The firm leverages the early-stage investment experience of its principals and its privileged access to the Monitor Group to accelerate access to customers, capital and profitability for its portfolio companies.

Life Science Angels, Inc. was founded in 2005 by senior life science executives and experienced investors. Its founding sponsors are PricewaterhouseCoopers (New York City), Silicon Valley Bank (Santa Clara, CA), and Wilson Sonsini Goodrich and Rosati (Palo Alto, CA). It is an angel capital fund which rigorously selects and screens early stage life science companies. LSA has over 100 investing members and has funded six companies in the biotech and medical device industries in its first year.

CODA Genomics, Inc.

CONTACT: Dr. Robert Molinari, CEO, of CODA Genomics, Inc.,+1-650-917-9256, mole@codagenomics.com; or Jennifer Larson,+1-415-946-1074, jlarson@weisscommpartners.com, for CODA Genomics, Inc.


Read at BioSpace.com


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