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Israeli Protein Separation Startup Obtains $14 Million in Financing

NEW YORK, March 5 – Proteologics, a proteomics startup in Rehovot, Israel, has obtained $14 million in financing from venture capital firms, the company said Monday.

Concord Ventures, also based in Israel, led the financing with $9 million, with U.S .Venture Capital firm ABS Ventures and the Giza Fund, one of Israel's largest venture capital groups, supplying the remainder.

Proteologics is hoping to commercialize a technology for separating proteins—specifically membrane and high molecular weight hydrophobic proteins—based on the research of two physicists working in Novosibirsk, Russia, said Pennina Langer Safer, a principal with Concord Ventures.

“To the best of my knowledge, they are the only ones with the technology for this kind of protein separation,” said Safer.

Membrane proteins are important as drug targets because they regulate access to the interior of the cell. With most existing technologies, these proteins are difficult to isolate, added Safer.

Proteologics' separation technique is compatible with existing 2-D gel separation technology, including mass spectrometry systems, said Safer.

The company currently has about 25 employees, and has plans to develop its own proprietary drug discovery program, in addition to finding strategic partners, Safer said.

“What excited us is that they’ve taken some physics and chemistry-based technology and applied it to solving biological problems,” Safer said.

Proteologics was not immediately available for comment.  

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