SAN DIEGO, Sept. 6 /PRNewswire/ -- Cyntellect, Inc. announced today that it has completed a $3 million second closing on its Series D Preferred private financing transaction. This closing follows the initial Series D closing of $15.1 million announced on July 25th 2007. Bru II Venture Capital Fund, based in Reykjavik, Iceland, was the sole participant in the second closing. In aggregate, Cyntellect has raised $18.1 million in the Series D round and under the terms of the transaction the Series D investors may also choose to commit an additional investment of up to $10.3 million. The company plans to use the funds to accelerate the development and commercialization of its novel cell manipulation products.
The Series D round was led by Third Security, LLC’s latest investment fund under management, New River Management V, LP.
“These additional funds are welcome as they provide further ammunition for us to accelerate the commercialization of our products and explore exciting new applications of our intellectual property,” stated Fred Koller, Ph.D., Cyntellect’s President and Chief Executive Officer. “We are pleased to have Bru as part of the Cyntellect family.”
Cyntellect’s core technology combines key aspects of laser based medicine and semiconductor manufacturing technology to enable high-speed in situ analysis and manipulation of living cells. The technology can be applied broadly to drug discovery research (e.g. accurately identifying new drug targets or testing and predicting the physiological effects of potential drugs). The technology is also being employed to improve the productivity of manufacturing therapeutic protein drugs and may prove valuable in manipulating cells as direct therapeutic agents.
About Cyntellect
Cyntellect, Inc. is a life sciences company committed to revolutionizing the use of living cells in life science research and cellular therapy. The company combines expertise in high-speed cell imaging and laser-based manipulation to develop products that enable novel cell imaging, purification, and transfection capabilities to enhance the productivity of laboratory research, recombinant protein production, high-content cellular assays, functional genomics and proteomics, and cell purification, including processing of cells for therapeutic transplantation. For additional information please visit the company’s web site at http://www.cyntellect.com.
About Bru II Venture Capital Fund
Bru II Venture Capital Fund (Bru II) is a venture fund focusing on rapidly growing companies, in areas of bio-tech, high-tech, media and energy. Investors include a number of Icelandic pension funds, Straumur-Burdaras investment bank and others. Bru II is one of three funds managed by Thule Investment Management whose portfolios include assets in Iceland, USA, UK and Scandinavia.
About Third Security, LLC
Third Security is an independent private equity and venture capital firm formed in 1999 to manage investments in public and private companies. Third Security evaluates opportunities in a wide range of industries, but principally focuses on emerging through late-stage investments in life- sciences and information technology. For more information, visit the firm’s Website at http://www.thirdsecurity.com.
Cyntellect, Inc.
CONTACT: Jim Linton, Ph.D., Chief Business Officer of Cyntellect,+1-858-450-7060, jlinton@cyntellect.com
Web site: http://www.cyntellect.com/
