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Canadian Proteomics Company Raises $4M in Financing Round

NEW YORK, Oct. 2 – Canadian proteomics company Interomex BioPharmaceuticals said Tuesday it raised $6.3 million Canadian ($4.0 million) in a second round of private financing.

Interomex BioPharmaceuticals of Vancouver said that the Business Development Bank of Canada led the round, which also included contributions from new investors, Ventures West and T2C2 of Montreal. Existing investors GeneChem Technologies Venture Fund and Western Technology Seed Investment Fund also participated in the round.

The company, which previously raised about $1.3 million Canadian through a round of seed financing as well as from grants and a bridge loan, said it would use the fresh funds to further develop targets and to buld up its automation process.

"We are building tools and targets that we will have in house," CEO Konstantine Sarafis said.

Interomex has developed a yeast-based platform called the Repressed Transactivator, which is designed to identify and characterize protein-protein interactions as well as the molecules that inhibit such interactions. The company uses the technology to generate protein interaction maps and to develop small molecule inhibitors.

Interomex is currently searching for targets and trying to develop drugs for the treatment of viral and autoimmune diseases and cancer.

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