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Canadian Bioinformatics Firm Raises $4.5 Million From Private Investors

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MISSISSAUGA, Ont.--Last month Base4 Bioinformatics, a subsidiary here of Allelix Biopharmaceuti cals, announced that it has closed a private placement financing for $4.5 million. Investors include BioCapital Investments, Tera Capital, and Working Ventures Canadian Fund. The funding means that while Allelix remains a major shareholder in Base4, its share of the company has dropped to under 50 percent.

The new money will be used to extend Base4's library of bioinformatics software solutions, open more branch offices to improve customer service, and accelerate business development, according to Martin Sumner-Smith, Base4's president. Graham Stachan, Allelix's president and CEO, called the financing "a major step forward."

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