NEW YORK (GenomeWeb News) – Danish small-molecule lead discovery firm Nuevolution today announced it has raised DKK 80.5 million ($13.7 million).
Proceeds will go toward expansion of Nuevolution's operations directed at identifying small molecule lead compounds against "therapeutically important high value targets," it said. Industrifonden led the financing round. Other participants include Sunstone Capital, SEB Venture Capital, and SEB Utvecklingsstiftelse.
Nuevolution's lead technology is the Chemetics platform based on DNA labeling of small-molecule compound libraries. The system enables a fast and cost-effective method for screening more than 1 billion compounds in order to identify hits and leads for further drug development.