BORNHEIM, Germany - MelTec GmbH of Magdeburg, Germany, said it has completed its first financing round, raising a total of DM38M (US$16M). Proteomic specialist MelTec is a spin-off of Magdeburg University.

The company identifies disease-specific drug targets and potential drugs against immune-mediated disease, cancer and arteriosclerosis by its proprietary topogical proteomics technologies. It also develops human proteome databases.

Sources of funding for MelTec included a fund managed by the Volksbank Magdeburg and the community task program of the German state of Saxony-Anhalt, according to a company statement. Additional financing was provided through BioChance, a grant program established by the German Federal Ministry for Education, Science, Research and Technology.

- Rainer Langen