NEW YORK & MENLO PARK & SAN FRANCISCO, Calif.--(BUSINESS WIRE)--New Leaf Venture Partners (NLV Partners) and TPG Growth announced today that they are co-leading a $20 million Series B private equity financing in ProteoGenix, Inc. Burrill & Company is also participating in the financing. ProteoGenix applies innovative and proprietary genomic and high-throughput protein analytical techniques to develop diagnostic tests for maternal-fetal health. These next generation molecular diagnostics will improve the quality of clinical decisions, resulting in better outcomes for mothers and newborns, as well as reducing expenditures and risk.
In connection with the financing, Vijay Lathi, a managing director at NLV Partners, Fred Cohen, M.D., D. Phil., partner and managing director at TPG Growth, and G. Steven Burrill, CEO of Burrill and Company, have joined ProteoGenix’ board of directors. Mr. Lathi commented, "The ProteoGenix team is developing innovative products that will transform the standard of maternal, prenatal and neonatal care. The company is based on the pioneering work of Sri Nagalla, M.D., a leading scientific authority in this field, who is now joined at the company by a skilled development and commercial team.”
About TPG Growth
TPG Growth represents more than $2 billion of capital and is focused on funding and growing technology, biotechnology and consumer companies utilizing several approaches including venture capital, growth equity, leveraged buyouts and private investments in public equities on a global basis. TPG Growth is the venture and growth arm of TPG, a leading global alternative investment firm founded in 1992 with approximately $30 billion under management. TPG Growth delivers the combined leverage of TPG's early stage growth and growth investing expertise with extensive resources to grow companies and has offices in the United States, China and India. More information is available at www.tpg.com .
About Burrill and Company
Founded in 1994, Burrill & Company is a San Francisco-based global leader in life sciences with principal activities in Venture Capital, Merchant Banking and Media. With over $850 million of capital under management, the Burrill Venture Capital Group invests in companies focused on biotechnology, pharmaceuticals, diagnostics, devices, human healthcare and related medical technologies, nutraceuticals and wellness, agricultural biotechnology, and industrial biotechnology. In addition, the company publishes an annual book on the "State of the Industry" -- the 21st Edition, Biotech 2007-Life Sciences: A Global Transformation, will be available in March 2007. Burrill also publishes a range of biotechnology/life science newsletters and reports. Full details may be found at: www.burrillandco.com .
About NLV Partners
New Leaf Venture (NLV) Partners is a life science-dedicated venture capital firm with offices in Menlo Park and New York. Founded by the former members of Sprout Group's Healthcare Technology venture team, NLV Partners invests primarily in companies focused on clinical-stage biopharmaceutical products, early-stage medical devices, and molecular diagnostics. In addition, the NLV Partners team continues to manage the existing $800 million healthcare technology portfolio of Sprout Group. More information is available at www.nlvpartners.com .
Burns McClellan on Behalf of NLV Partners
Justin Jackson, 212-213-0006, ext. 327
>>> Discuss This Story