NEW YORK, NY--(Marketwire - 01/25/11) - Promosome LLC, a privately-held biotechnology company specializing in innovative technologies related to the translation component of protein synthesis, is announcing the successful completion of a $4.1 million Series C financing round. These funds will further support Promosome's advancement and commercialization efforts for its Translational Enhancing Elements (TEEs) and Reengineering of the Primary mRNA Structure (RESCUE) technologies. TEEs and RESCUE are ground-breaking methodologies which elicit enhanced protein expression in a variety of relevant bioproduction platforms. An additional initiative, a site specific chromosomal integration technology, is being established to offer mammalian cell lines demonstrating unparalleled cell line development speed and the most desirable genetic stability and expression characteristics sought by the bioproduction industry.
Promosome's President and Chief Executive Officer, John F. Manzello, said, "We are pleased to have expanded our shareholder base to include several sophisticated healthcare investors that bring established networks in the biopharmaceutical and bioindustrial segments. Furthermore, the continued support of our existing institutional and individual investors reinforces the clarity and progress towards the attainment of our corporate objectives." Mr. Manzello added, "As evidenced by the constant industry call for increased bioprocess efficiencies and bioproduction yields our chosen initiatives are being continually reinforced and validated."
Promosome is a New York City-based biotechnology company founded by the highly regarded Life Sciences commercialization team of William J. Gedale and John R. Costantino. The mission of Promosome is to leverage and commercialize the discoveries of Nobel Laureate Dr. Gerald M. Edelman, Dr. Vincent P. Mauro and their colleagues at The Scripps Research Institute (TSRI) in La Jolla, California while, in parallel, offering a significant return to investors and contributing to the advancement of the biotechnology industry. Promosome has established a Research Funding and Option Agreement with TSRI and the laboratories of Drs. Edelman and Mauro.
Promosome also established a technology license and equity relationship with Recopharma AB of Stockholm, Sweden and is currently advancing additional partnering and evaluation relationships with industry-leading contract manufacturers, biopharmaceutical and industrial bioproduction based companies. To augment its commercial initiatives, the company has recently established a La Jolla-based developmental laboratory facility.
For more information on Promosome's TEE technology, and Promosome corporate information, please visit www.promosome.com.
John F. Manzello