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Lebanon, N.H - VentureWire - December 9, 2003
GlycoFi Raises $10 M Series C
GlycoFi, a biotechnology company that develops a sugar-aided protein manufacturing process for drug discovery, said it raised $10 million in Series C financing.
New investor Fletcher Spaght Ventures led the up round. Returning investors Borealis Ventures, Boston Millennia Partners, Polaris Ventures, Schroder Ventures Life Sciences, and Village Ventures also participated.
The funds will be used for product development and to make hires in business and preclinical development, said CEO Charles Hutchinson.
As a result of the round, Robert Marshal, partner at Boston Millennia Partners, joins GlycoFi's board of directors. Also on the five-member board are Mr. Hutchinson; Tillman Gerngross, GlycoFi chief scientific officer and vice president of business development; Michael Ross, general partner at Schroder Ventures Life Sciences; and Terrance McGuire, founding partner at Polaris. Mr. Hutchinson said the board will expand to eight members soon.
GlycoFi has engineered yeast and other fungal protein expression systems to produce fully humanized glycoproteins. Fletcher Spaght partner John Fletcher said the firm invested because GlycoFi's business model has a near-term licensing component and a long-term opportunity to develop its own therapeutic candidates.
The company's platform stems from research at Dartmouth College, which is also a shareholder. GlycoFi has 37 employees and will hire an additional 15 in the next six to twelve months in research and development.
Founded in May 2000, GlycoFi has raised $7.6 million in two previous rounds of venture funding from Schroder Venture Life Sciences, Borealis Ventures, Boston Millennia Partners, Polaris Venture Partners, and undisclosed individuals.
http://www.glycofi.com
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