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Signature Bioscience Raises $43M in Fourth Round of Financing

NEW YORK, July 9 - Signature Bioscience has completed its fourth round of financing, raising $43 million in a private placement, the company said Monday.

The company said it will use the money to expand into drug discovery by acquiring drug targets and chemical libraries, to support the company's technology platform, and to potentially acquire other businesses that may complement the company's push into drug development. The company's technology is centered around a technique called Multipole Coupling Spectroscopy, which uses radio frequency waves to probe protein structure and drug-protein interactions.

New investors in the fourth round of financing included SG Capital Partners, Vulcan Ventures, MDS Capital Group, China Development Industrial Bank, Tallwood Venture Capital, Lehman Brothers, Lotus Bioscience Ventures, and IRR. With the help of current investors Prospect Venture Partners, and others, the company has so far raised a total of $64 million in venture capital funding since the company was founded in 1998.

"In today's tight fundraising climate, this new infusion of capital by a world-class group of investors is strong validation of the strength of our technology, business plan, and vision of quickly evolving from an instrument platform into a broad-based discovery company employing the power of our novel multipole coupling spectroscopy," Mark McDade, Signature's CEO, said in a statement.  
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