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German Cancer Research Company EuroProteome Raises 9.5 Million from Four European VC Firms

NEW YORK, Sept. 17 — EuroProteome announced today that it has secured €9.5 million in a financing round. The Hennigsdorf, Germany-based company, which calls itself a "human cancer proteomiucs company," is developing clinical tools for early diagnostics, prognostics, and patient-specific therapeutics and immune therapeutics for the treatment of epithelial cancers. The round was led by German VC firms Earlybird Venture Capital and Heidelberg Innovation. Nextech Venture and Aventic Partners, both of Zurich, also contributed.

EuroProteome said that it would rely on an extensive bank of human tumor samples that it has been building since 1997 and high-performance, state-of-the-art proteomics and transcriptomics technology to develop validated targets with potential applications to diagnostics, prognostics, patient specific therapies, and vaccination. The company intends to license these targets and said that it aims “to become the preferred partner for leading pharmaceutical and diagnostic companies as a source for validated targets and oncology know-how. “

Ulrich Traugott, who has been EuroProteome's CEO since June, said in a statement that he expected that the new investors would “not only provide the required financial resources for the future development of EuroProteome, but will also act as highly qualified and experienced advisors to the company.”

EuroProteome said that it has established a global network among several European and American cancer research institutes and clinics and uses a patented sample preparation methodology to secure highly purified human tissue samples. In August, EuroProteome licensed Rosetta's Resolver gene expression data analysis system. 

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