NEW YORK, Oct 3 - Structural genomics company Syrrx said Tuesday it has completed a $20 million Series B round of venture financing.
MPM Asset Management led the private placement. Nicholas Galakatos, general partner at MPM Asset Management, will be joining Syrrx's board of directors.
Syrrx uses proprietary high throughput technology platforms to solve protein structures that can be used along with genomic and computational approaches to design novel pharmaceuticals.
The company’s tools were developed by engineers recruited from the automotive industry and enable an assembly line approach, significantly impacting the cost and speed of drug design, the company said.
" We've applied auto industry principles to the next step in genomic research," Peter Schultz, Syrrx’s director, said in a statement.
Syrrx currently has 18 employees and is located in San Diego.