Skip to main content
Premium Trial:

Request an Annual Quote

Protedyne Secures $12M in Series B Financing

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.

The Scan

Tens of Millions Saved

The Associated Press writes that vaccines against COVID-19 saved an estimated 20 million lives in their first year.

Supersized Bacterium

NPR reports that researchers have found and characterized a bacterium that is visible to the naked eye.

Also Subvariants

Moderna says its bivalent SARS-CoV-2 vaccine leads to a strong immune response against Omicron subvariants, the Wall Street Journal reports.

Science Papers Present Gene-Edited Mouse Models of Liver Cancer, Hürthle Cell Carcinoma Analysis

In Science this week: a collection of mouse models of primary liver cancer, and more.