NEW YORK, Aug. 13 – Evolution acceleration company Morphotek received $10 million in second-round funding from lead investor Applied Genomic Technology Capital Funds and others, the company announced on Monday.
Philadelphia-based Morphotek, which is developing technology to create new varieties of proteins, cells, plants, and animals with commercially valuable traits, plans to use the additional funding to expand overall operations, including hiring additional employees and increasing the efforts in its antibody-based therapeutic and agriculture programs.
“Morphotek's technology harnesses the power of evolution to improve the function of a single gene, or of many genes at once, and does not require advanced knowledge of which genes to choose," David Stone, a partner at AGTC Funds, said in a statement. "This offers significant advantages over other methods of applied evolution, and should enable Morphotek to develop a wide range of valuable products.”
Other investors included Burrill & Co. and CB Healthcare Ventures. Existing investors include Tonbridge Capital and Trieste Investment Group.
Morphotek was founded in May 2000 by CEO Nicholas Nicolaides, COO Philip Sass, and Vice President of Research and Development Luigi Grasso.