NEW YORK, Oct. 3 – Oncogenomics company Sagres Discovery said Wednesday it had raised $20 million in a second round of private financing.
Sagres of Davis, Calif., said it would use the fresh influx of funds to develop its collection of genes associated with cancer and to form deals with partners to develop antibody and small molecule treatments. The company is also planning to build its senior management and pre-clinical research teams.
"The biotechnology industry has entered the post-genomics era and Sagres is making the most of a unique opportunity to identify cancer-causing genes and convert them into novel drug targets to create innovative and targeted therapeutics," David Ferrick, CEO of Sagres Discovery, said in a statement.
Forward Ventures led the financing round. Novartis BioVentures Fund, Burrill Biotechnology Capital Fund, Axiom Venture Partners, Blue Dot Capital, Walden VC, JAFCO, and China Development Industrial Bank also participated in the financing round.
Earlier this week Sagres said it signed a multi-year subscription agreement with Celera for its Celera Discovery System product suite.