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Inpharmatica Closes Financing Round Led By Reed Elsevier

NEW YORK, Nov. 8 (GenomeWeb News) - Inpharmatica said today that it has completed a £13.9 million ($25.8 million) round of financing.

 

According to Inpharmatica, the financing will be used to further develop the company's in-house and collaborative drug discovery business, and to boost licensing activities for its PharmaCarta drug discovery informatics platform. According to an Inpharmatica spokesman, the platform generates close to $10 million a year in licensing revenues.

 

Inpharmatica said that the financing was led by Reed Elsevier ventures, the venture arm of publisher Reed Elsevier, which invested £5 million in the round. The companies already have a relationship, with Elsevier subsidiary MDL Information Systems having signed on in February as a non-exclusive distributor of Inpharmatica's Biopendium proteome annotation database.

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