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GeneFormatics Raises $15M in Venture Capital

NEW YORK, Oct 5 – Proteomics company GeneFormatics said Thursday it raised $15 million in a series B round of financing.

Perseus-Soros BioPharmaceutical Fund led the round. Merrill Lynch Ventures, OrbiMed Advisors, GeneChem Management and previous investors, Burrill & Company, Inglewood Ventures, and Moss Forest Venture also participated in the financing round.

The San Diego-based company uses technology originally developed by the Scripps Research Institute to predict a protein’s function by uncovering its structure.

GeneFormatics, which has research agreements with Bristol-Myers Squibb and Schering-Plough Research Institute, said it would use the proceeds from the financing to expand its library of Fuzzy Functional Forms, which is used to mine protein sequences for function. The company said it would also use the money to improve its platforms and license outside technologies.

In additon, the company is working on completing its protein structure/function database, which is based on publicly available protein sequences.

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