NEW YORK, Oct. 12 - Protedyne, which develops automated technology for genomic-based drug discovery, has closed $12 million in a Series B round of private financing, the company said on Friday.
The Sprout Group, a venture capital affiliate of Credit Suisse First Boston, led the institutional placement, according to a statement. Meridian Venture Partners, Long River Ventures, and Boston Community Venture Funds participated in the round, Protedyne said in a statement.
The investment comes just eight business days after Protedyne secured $850,000 in Series A financing, a spokesman for the company said.
Protedyne, based in Windsor, Conn., said it intends to use the new capital to further commercialize its portfolio of BioCube products. The company also said it will develop new BioCube products as well as BioResearch contract services for molecular biological applications.
"Since the introduction of our first products in early 2001, we have established relationships and gained customers among the leading genomics and drug discovery firms," Stan Klein, Protedyne’s president, said in the statement. "It is now essential to extend our reach in the marketplace, particularly as laboratories are seeking greater efficiencies in identifying new leads and establishing IP positions. The current funding will take us a significant distance towards accomplishing this objective," he said.
The spokesman elaborated the objectives, saying they include “expanding distributions, driving sales, and developing R&D.”
According to Protedyne, the BioCube system, which is used in academic and commercial drug-discovery, includes Molecular BioCube, for multifunctional liquid handling and sample processing; PCR BioCube, for the robotic loading and unloading of up to 32 PCR machines; and Gel BioCube, to fully automate agarose gel electrophoresis including gel manufacture, gel run, and gel analysis.