Sistemic Closes $1 Million Series A Funding Round
Published: Feb 04, 2010
GLASGOW, Scotland--(BUSINESS WIRE)--Fast growing Scottish biotech company Sistemic Ltd today announced that it had closed a series A funding round with lead investors ChimeraBio and the Scottish Enterprise Scottish Co-Investment Fund. The company will use the funding to further develop its proprietary SistemRNA compound-centric drug discovery technology. Using SistemRNA shortens the odds in drug discovery by enabling far more accurate prediction of potential drug indications, interactions and side effects.
SistemRNA screens compounds of interest against Sistemic’s knowledgebase of reference compound responses in cell-based models. The process generates information on biological differences, mechanism of action and potential new targets from the associated miRNA expression profiles referenced against the knowledgebase.
According to Sistemic CEO Chris Hillier, miRNA is increasingly seen as key to understanding drug efficiency: “We are able to rapidly release significant asset value for pharma and biotech partners. In addition to de novo discovery, there are major opportunities in repositioning, re-purposing and lifecycle extensions. For example, new indications, formulations and combinations of previously marketed products accounted for 45% of new medicines launched in 2007. Our first contracts have been in oncology but this is a broadly applicable approach. The new funding will enable us to expand our knowledgebase, for example, in cardiac and anti-inflammatory indications, and to accelerate commercial operations.”
Chairman and Partner of ChimeraBio, lead investor, Jim Reid commented: ”I am delighted with Sistemic’s rapid progress. In less than a year they have completed key technical milestones, secured their first contracts and began commercial operations in Boston to serve the key US market. With the strong and experienced management team led by Chris Hillier, I look forward to their continued growth as one of Scotland’s most dynamic new wave of biotech companies.”
Andrew Sloane, head of Scottish Co-Investment Fund for Scottish Enterprise, said, “Scottish Enterprise has in important role to play in helping increase private sector investment into Scottish companies. This deal is a great example of how we have worked with private investors to make this happen.
“Access to equity investment is extremely important for innovative Scottish companies like Sistemic, and this investment will help the company to further develop its capabilities in the field of drug discovery technology.”
Sistemic Corporate Inquiries Chris Hillier, CEO Tel: +44-7908-154979 or Jim Reid, Chairman Tel: +44-780-1-258-958 or Media Inquiries Richard Hayhurst/Maxine Bulloch Schwartz Communications Tel: +44-(0)-208-973-2630 Email: email@example.com