NEW YORK, July 3 – Inpharmatica has received 31.25 million pounds ($43.9 million) in second round institutional funding, the company announced Tuesday.
Inpharmatica, based in London, received funds from the European company Dresdner Kleinwort Capital, Abingworth Management of London, Glide Investment in The Netherlands, and Vertex Management in Singapore. Inpharmatica is now worth approximately 56 million pounds, according to the company.
The company said it plans to use this latest round of funding to establish its own drug discovery capabilities, expand its cluster computer farm, and extend its current technology platforms.
“The money raised will fund our transition from being a pure information provider into a drug discovery company,” Patrick Banks, finance director of Inpharmatica, said in a statement.
Currently, Inpharmatica’s technological scope revolves around the Biopendium and Chematica platforms, which provide subscribers with databases cataloguing protein sequence, structure, and function, as well as the ability of particular proteins to serve as drug targets. The company has collaborations with Pfizer, Genentech, and Arrow Therapeutics.