By Angela McDaniels
Seattle, Nov. 15 - Rincon Pharmaceuticals Inc. said it closed $4.7 million in financing led by Paperboy Ventures, a Washington D.C.-based private equity firm.
Proceeds will be used to accelerate Rincon's development of protein therapeutics and to scale up its manufacturing capability.
"This financing provides Rincon with the necessary resources to advance multiple programs into clinical-scale production, expand our ongoing collaboration with Biogen Idec, initiate new partnerships, and implement our GMP production facilities," Rincon chief executive officer Bruce Steel said in a company news release.
"Rincon's algal-based production platform has the potential to enormously reduce the time and cost of manufacturing complex proteins. We believe Rincon will have a tremendous impact on the development of protein therapeutics, thereby making more therapies available to a greater number of patients," Paperboy Ventures director Jaime Lewis said in the release.
As part of the financing, Lewis and senior biotechnology executive Carolyn Patrick joined the Rincon board of directors.
Rincon Pharmaceuticals is a San Diego-based biopharmaceuticals company using eukaryotic algae to produce human therapeutic proteins.
| Issuer: | Rincon Pharmaceutical Inc.
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| Issue: | Institutional financing
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| Amount: | $4.7 million
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| Investor: | Paperboy Ventures
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| Announcement date: | Nov. 15
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