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ActivX Biosciences Raises $20M; Elects Scripps Researcher to Company Board

NEW YORK, July 10 - ActivX Biosciences has raised $20 million in a private placement to develop the company's chemistry-based proteomics platform, the company said Tuesday. 

In addition to Oxford Bioscience Partners, who led the placement, new investors in the company include Vulcan Ventures, CIT Venture Capital, and Novo A/S. Frazier & Company and ProQuest Investments are existing investors in the company.

ActivX also said Tuesday that the company had elected Paul Schimmel, a professor of chemistry and molecular biology at the Scripps Research Institute, as chairman of its board of directors. In other management changes, the company's current president and chief scientific officer, John Kozarich, has taken over the position of CEO from Rob Hillman, who will become the company's chief operating officer. 

At Scripps, Schimmel studies the machinery for decoding genetic information, specifically tRNAs and aminoacyl tRNA synthetases. Schimmel has also helped found Alkermes, a drug-delivery company based in Cambridge, Mass., Cubist Pharmaceuticals, also in Cambridge, and Repligen, a biotechnology company in Needham, Mass.  
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