Zyomyx Inc. raised $27 million in a Series E financing, money earmarked for the launch of three protein biochip products in 2003.
The first product the Hayward, Calif., company plans to offer to life science researchers is the Human Cytokine Protein Profiling Biochip.
"We are currently geared for a product launch at the beginning of 2003," CEO Lawrence Cohen said. "This money will be used for the continued development of the commercial infrastructure that we're putting in place now."
That infrastructure includes a production and manufacturing group and a sales and marketing group, Cohen said.
Privately held Zyomyx, founded in 1998, has raised $92 million to date, he said, noting that with the latest financing the company should have sufficient cash to last into 2004. The company has 123 employees.
"We found that it's a very tough market, and we were very gratified to find the support [for our company]," Cohen said.
Existing investor Credit Suisse First Boston Private Equity, of New York, led the round. New investors included Lilly BioVentures, of Indianapolis, and GE Capital Life Science and Technology Finance, a company of Stamford, Conn.-based GE Capital.
The Human Cytokine Protein Profiling Biochip is designed for the parallel measurement of human cytokines from complex biological mixtures, Cohen said, explaining that the greatest application is with serum or synovial fluids.
As proteomics has become so integral in drug discovery, Zyomyx said its multiplexed, high-throughput system makes protein analysis easier and faster. Zyomyx also is developing a product for determining protein function.
As part of the financing, Michael Schmertzler, of Credit Suisse First Boston Private Equity, and Nick Colangelo, of Lilly BioVentures, joined Zyomyx's board, the company said.