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Protein Discovery Uses $2.2M VC Cash to Fund New Mass-Spec Service

NEW YORK, Oct. 25 (GenomeWeb News) - Protein Discovery will use a $2.2 million Series B round of venture-capital financing to launch a new mass spectrometry tissue-imaging service, the company said today.

 

Protein Discovery, based in Knoxville, Tenn., relies on processes and technology licensed from VanderbiltUniversityand the Universityof Texas.

 

The financing round, which closed yesterday, was led by the Southern Appalachian Fund with help from MB Venture Partners, Nashville Capital Network, VanderbiltUniversity, and others, Protein Discovery said.

 

The investment will be supplemented by additional financial support from the Southern Appalachian Fund's Operational Assistance program, the firm said. Chuck Witkowski, president and CEO of Protein Discovery, said this additional cash together with revenue expected from the new service business "will provide operational cash flow and allow us to accelerate our product development efforts."

 

The company is developing a suite of sample-preparation products for mass spectrometry that is currently in beta testing, Witkowski told GenomeWeb News today.

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