Pharmaceutical Proteins Ltd. (PPL) announced Tuesday that itraised about $11.6 million in its latest round of financing,bringing the total amount raised to $19.3 million. The proceedswill be used to fund research and for capital improvements,particularly manufacturing facilities, the company said.
New investors in this round included Hancock Venture Partnersof Boston and Patricof & Co. of New York, PPL's first U.S.investors. Another first-time investor, Sofinnova of Paris,joined previous investors Apax Partners & Co., TransatlanticCapital, 3i and JAFCO in the fund raising.
The Edinburgh, Scotland, company is using transgenictechnology to produce recombinant human proteins in the milkof livestock. The company has a collaborative partnership withBayer AG of Germany to develop alpha-1-antitrypsin (AAT),produced in transgenic sheep.
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