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Applied Proteomics Raises $22.5M, Moves to San Diego

NEW YORK (GenomeWeb News) – Applied Proteomics said today that it has reeled in $22.5 million in a Series B financing, has moved its corporate headquarters to San Diego, and has named Peter Klemm to be its CEO.

The proteomics-based diagnostics firm received the financing from Domain Associates, Vulcan Capital, and other returning angel investors.

In conjunction with the financing agreement, the company also has added James Blair, a founding partner at Domain, to serve on its board of directors.

API plans to use the financing to develop new diagnostic tests based on its core platform, which uses mass spectrometry and computational methods to take "snapshots" of a patient's proteome and the proteins expressed in the body, the company said.

"For the first time, we can look at all the proteins in the body with remarkable specificity and sensitivity and use proteomic technology to create superior diagnostics that can 'listen to the conversation of the body,'" API Co-founder Daniel Hillis said in a statement.

Klemm currently is chairman of Pathwork Diagnostics and he has served earlier stints as CEO and president of Predictive Biosciences and CEO of GeneOhm Sciences.

"We are motivated to quickly advance the development of new proteome-based diagnostics that will significantly improve the way medical decisions are made and how patients are diagnosed and treated," Klemm said.