ATHENS, Ga., July 9 /PRNewswire/ -- Abeome Corporation, a Georgia-based biotech company, today announced the closing of an investment from venture capital firms, Georgia Venture Partners and ATDC Seed Capital fund. The funding follows previous awards from the Georgia Research Alliance for Technology Partnership grants totaling $200k.
This announcement comes after a string of commercial deals completed by the company over the past six months, including an R&D/Commercialization agreement with Novocell to develop and market monoclonal antibodies for therapeutic applications. The companies will collaborate in developing novel reagents to be used as potential therapeutic drugs and to help researchers sort and screen stem cells.
Abeome’s proprietary technology (US Patent granted December 2006) greatly improves the development of monoclonal antibodies; Novocell is a stem cell engineering company which creates and commercializes cell and drug therapies for diabetes and other chronic diseases.
The companies have developed and characterized novel monoclonal antibodies to stem cell surface markers. Ultimately, these antibodies can be used in the potential treatment of cancer. Initial sales of these antibodies are expected in September 2007.
Monoclonal antibodies have become the centerpiece of many high-profile therapeutic products. Their specificity to disease targets, like cancer, has drawn significant attention from the biotech community and raves from clinicians due to their targeted safety profile.
“Finding the optimal antibody for a therapeutic target is challenging. Abeome’s technology vastly improves the chances of finding that one-of-a-kind antibody that can make the difference,” states Mike Wanner, President and CEO of Abeome.
In view of Abeome’s rapid growth and future plans, the company recently added three industry experts to its board of directors: Herb Heyneker, one of the original scientists at Genentech and current executive/consultant for a number of global biotech companies; Dr. Kirby Alton, one of the original Amgen scientists and ultimately Senior VP of Development for Amgen; and John Richard, Managing Partner of GVP. The three newest members join a team of Mike Wanner and (Chairman) Michael Rainer.
About Abeome
Abeome Corporation is a biotechnology company dedicated to leveraging its proprietary hybridoma technology to accelerate and improve the development of monoclonal antibodies for life sciences. Its technology was invented at the University of Georgia by Rich Meagher, Ph.D. Abeome owns an exclusive license for the technology from the University of Georgia Research Foundation. For more information on Abeome, visit http://www.abeomecorp.com.
Abeome Corporation
CONTACT: Mike Wanner of Abeome Corporation, +1-706-248-6098,mike.wanner@abeomecorp.com
Web site: http://www.abeomecorp.com//