By Lisa Kerner
Erie, Pa, Jan. 19 - Chlorogen, Inc. said it has secured $6 million in additional venture funding.
The company said it will use the series B investment to finance development of its lead product candidates, which include protein-based therapies for gynecological cancers.
Chlorogen secured an initial $5.8 million in series A venture funding in 2003.
Finistere Partners LLC of San Diego invested in the series B round in addition to the series A investors, which were Burrill & Co. of San Francisco, Harris & Harris Group of New York, Prolog Ventures of St. Louis, and Redmont Venture Partners of Birmingham, Ala.
"With this significant new investment in our company's future, we are well positioned to build on the tremendous successes we have had during the past two years," David N. Duncan, president and chief executive officer of Chlorogen said in a company news release.
Chlorogen produces therapeutic proteins in tobacco using chloroplast transformation technology. Since receiving its initial venture funding in May 2003, Chlorogen has used tobacco chloroplast technology to develop several candidates for pre-clinical evaluation. The company successfully produced a molecule from the TGF-beta superfamily which it will actively pursue as a commercial TGF-beta candidate for cancer therapy.
"Chlorogen, with its unique technology, continues to make excellent progress," Jerry Caulder of Finistere Partners and chairman of the Chlorogen board of directors said in the release. "The company is poised to become a key provider of high-value therapeutic proteins."
Chlorogen of St. Louis, is a venture-backed pharmaceutical company that develops and manufactures proteins for human therapy.
| Issuer: | Chlorogen, Inc.
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| Issue: | Series B financing
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| Amount: | $6 million
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| Investors: | Burrill & Co., Harris & Harris Group, Prolog Ventures, Redmont Venture Partners, Finistere Partners LLC
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| Announcement date: | Jan. 18
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