MENLO PARK, Calif., Oct. 26 /PRNewswire/ -- ForteBio, Inc., a life sciences company providing tools for the detection and analysis of biomolecules and their interactions, today announced the close of a $17.3 million Series B Preferred Stock financing. The round was led by The Vertical Group, a New Jersey-based venture capital firm that is focused on the fields of medical technology and biotechnology. All of the company’s existing investors, Agilent Ventures, Alloy Ventures, Latterell Venture Partners, and Versant Ventures, participated in this financing.
“We are enthusiastic about the prospects for ForteBio’s impressive platform technology and instruments, and their opportunity to achieve near-term revenues,” commented Yue-Teh Jang, Ph.D., General Partner of The Vertical Group. “Furthermore, the company’s first product, Octet(TM), has unique capabilities that will allow expansion into a number of different life- science applications.” Dr. Jang, along with Brian Atwood of Versant Ventures, will join the ForteBio Board of Directors.
“I am very pleased by the addition of The Vertical Group to our existing group of top-tier investors, who continue to strongly support ForteBio,” stated Winnie H. Wan, Ph.D., President and Chief Executive Officer of ForteBio. “The capital raised to date provides the funding required to assemble our marketing and sales organization in preparation for the launch of our first product. In addition, we will continue our investments in further applications for our current instrument platform and in the development of our next generation of instrument products.”
ForteBio is preparing for a fourth quarter 2005 launch of its first product platform, Octet. An integrated system for the quantitation and kinetic analysis of biomolecules, Octet will be initially positioned to accelerate the selection and characterization of therapeutic antibodies and proteins.
About ForteBio’s Investors
Additional information about each of ForteBio’s investors may be found at their respective web sites.
Agilent Ventures www.agilentventures.com. Alloy Ventures www.alloyventures.com. Latterell Venture Partners www.lvpcapital.com Versant Ventures www.versantventures.com The Vertical Group www.vertical-group.com About ForteBio, Inc.
ForteBio is a venture-capital funded life science company developing analytical systems to provide rapid, real-time results for protein quantification and characterization of protein-protein interaction. These systems enable real-time analysis of biomolecular interactions in micro-volume sample sizes, providing information on affinity, kinetics and concentration. Most importantly, ForteBio’s analytical capabilities provide greater value in applications where existing methods have limitations in throughput, performance and cost. The company is located in Menlo Park, California. For more information, please visit www.fortebio.com.
CONTACT: Winnie H. Wan, Ph.D., President & Chief Executive Officer of ForteBio, +1-650-322-1360, ext. 111, or wwan@fortebio.com.
ForteBio, Inc.
CONTACT: Winnie H. Wan, Ph.D., President & Chief Executive Officer ofForteBio, +1-650-322-1360, ext. 111, or wwan@fortebio.com
