By Kim Coghill
Agilix Corp., a two-year-old developer of next-generation functional genomics and proteomics technologies, raised $20.8 million in a Series B private financing.
Martin Mattessich, president and CEO of the New Haven, Conn.-based company, told BioWorld Today that Agilix had no problem raising the money. ¿We are actually oversubscribed for what we are looking for. We have revolutionary platform technologies for genomics and proteomics research as applied to drug discovery. This technology is of great interest to all of the leading pharmaceutical companies.¿
Although he wouldn¿t discuss details, Mattessich said the company is involved in negotiations for technology agreements.
Agilix was founded in 1999 based on the work of Paul Lizardi, a scientist at Yale University and current chairman of the company¿s scientific board.
The company has two technologies: the FAAST whole transcriptome analysis system and ZeptoLabeling.
FAAST is a DNA microarray platform that provides full genome coverage of any organism and eliminates the need for customized arrays. ZeptoLabeling, a broad platform technology for proteomics, eliminates some of the bottlenecks in methods currently used, which have certain limitations in terms of sensitivity and throughput, Mattessich said.
In a prepared statement, Mattessich said the company¿s technologies change the way scientists mine and analyze the genome for new targets and pathways. ¿These technologies do not require a priori¿ knowledge of genes or proteins. This is a fundamental change in the way companies approach both gene and protein expression profiling. These technologies will allow Agilix and our partners to study new genes, pathways and toxicology profiles in any disease system in any model organism.¿
Mattessich said the funds raised in the financing are earmarked for further application of the technologies. The company has raised $30 million to date, he said.
Companies participating in the financing were Burrill & Co., of San Francisco; Hambrecht & Quist Capital Management Inc., of Boston; Stephens Group Inc., of Little Rock, Ark.; Wheatley MedTech Partners, of New York; BioVeda Capital Pte. Ltd., of Redwood City, Calif.; and ATP Capital, of New York. ATP Capital participated in the Series A financing as well.
Stephens Inc. was the company¿s exclusive placement agent.