Rincon Pharmaceuticals, Inc. Announces $4.7 Million Institutional Financing
SAN DIEGO, Nov. 15 /PRNewswire/ -- Rincon Pharmaceuticals, Inc. today announced the close of $4.7 million in financing led by Paperboy Ventures, a Washington D.C. based private equity firm with investments in high-tech and biotechnology companies. Rincon's mission is to dramatically increase the availability of recombinant protein therapeutics, such as monoclonal antibodies, by using eukaryotic algae as a rapid and efficient production system. With this financing Rincon will accelerate its development of protein therapeutics and scale-up of its manufacturing capability.
"This financing provides Rincon with the necessary resources to advance multiple programs into clinical-scale production, expand our ongoing collaboration with Biogen Idec, initiate new partnerships, and implement our GMP production facilities," said Bruce Steel, CEO of Rincon. "Rincon has demonstrated the utility of algae as a system for the expression and assembly of complex mammalian proteins, including monoclonal antibodies. We are now focused on scaling our production system, expanding the number of molecules under production, and determining which programs we will advance into clinical development. We are very pleased that Paperboy shares our vision and we welcome the addition of Jaime Lewis and Carolyn Patrick to our Board of Directors."
"Rincon's algal-based production platform has the potential to enormously reduce the time and cost of manufacturing complex proteins," said Jaime Lewis, Director of Paperboy Ventures. "We believe Rincon will have a tremendous impact on the development of protein therapeutics, thereby making more therapies available to a greater number of patients. We look forward to supporting the talented Rincon team as they commercialize this very promising technology."
Prior to joining Paperboy, Mr. Lewis spent several years at JP Morgan Capital and Deutsche Bank Venture Capital Partners focusing on early-stage biotechnology and applied technology companies. Mr. Lewis currently serves on the board of several Paperboy portfolio companies. Carolyn Patrick is a senior biotechnology executive who has extensive background in the development and marketing of therapeutic proteins, particularly antibodies. Ms. Patrick served as CEO of Epic Therapeutics and Vice President at Chiron and Bayer corporations.
About Rincon Pharmaceuticals
Rincon Pharmaceuticals is a San Diego-based biopharmaceuticals company using eukaryotic algae to produce human therapeutic proteins, especially monoclonal antibodies. Rincon's mission is to increase the availability of protein-based therapeutics by dramatically decreasing the time and cost of developing complex recombinant proteins. Rincon's business strategy is to develop and manufacture both partnered and proprietary products utilizing its patented protein production system that is significantly faster, more scalable, and less expensive than conventional technologies and other alternative expression systems. For additional information please visit www.rinconpharma.com.
About Paperboy Ventures
Paperboy Ventures, based in Washington D.C., is an intellectual property merchant bank with investments in high-tech and biotechnology companies. The firm seeks to uncover path-breaking scientific discoveries and help to unlock their inherent value. Paperboy actively nourishes its portfolio companies with continuing financial and management support -- shepherding each discovery to its greatest potential market.
Since its inception in 2003, Paperboy has invested more than $100 million in compelling early-stage science and technology companies. In addition to Rincon, Paperboy's portfolio includes significant investments in Amylin Pharmaceuticals, Enertech Environmental, Microbia, and mNEMOSCIENCE.
For additional information please visit www.paperboyventures.com.
Rincon Pharmaceuticals, Inc.CONTACT: Bruce Steel, CEO of Rincon Pharmaceuticals, Inc.,+1-858-754-3035, info@rinconpharma.com