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August 27, 2003 - Target Discovery Tops Off Series A Financing at Over $7 Million
Target Discovery Inc., a discovery biology company, today announced $2.4 million of additional private investment, bringing its Series A financing to more than $7 million. The funds are being applied to support the upcoming launches of three product lines and to accelerate the development of related platform technologies designed to alleviate critical bottlenecks imposed by current technologies upon drug development and life science research. Target Discovery board member and private angel investor Clayton A. Struve led the round, which was expanded beyond the company’s Midwest investor base to welcome new California investors.
“We are very pleased with the support of our expanding investor base for our strategy of developing new technologies to move from ‘omics’ to ‘knowmics,’ gathering high quality bioinformation and converting it to ‘bioknowledge’ through a confirmed understanding of biological pathways. This provides the efficiency needed to optimize targets, leads and clinical design in the drug discovery process,” said Jeffrey N. Peterson, CEO of Target Discovery. “Target Discovery’s first product offerings will substantially expand capabilities in electrophoretic separation of biomolecules, in quantitative expression comparison of protein targets or biomarkers, and in high-speed protein identification. The technology limitations that constrain these analytical methods are roadblocks in life science research today. Our investors have affirmed their belief that these technologies will facilitate better decisions in drug development and life science research.”
“With the time and financial commitments involved in drug development continually expanding, the biotech and pharmaceutical industries should be aggressively seeking ways to make the process faster and more efficient. I expect that Target Discovery’s multidisciplinary technologies will streamline the discovery and validation of novel drug targets and will improve the overall understanding of disease states,” said investor Struve, CEO of CSS LLC, a securities trading firm based in Chicago. "The Target Discovery team has impressed me with their understanding of the industry, the roadblocks and bottlenecks faced, and the potential catalytic benefits of applying their technology. The business plan’s progression from product introduction to discovery collaborations and to internal drug discovery is both conservative and exciting.
Target Discovery’s platform technologies are designed to overcome the performance limitations of current tools, such as mass spectrometry, capillary electrophoresis and systems biology modeling, for the identification, validation, and selection of optimal disease targets and biomarkers. The company will soon be releasing its first product in a reagent format, a line of dynamic coatings that will expand the analytical range, precision and speed of electrophoretic separations in capillary and microfluidic platforms.
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About Target Discovery, Inc.
Target Discovery is a discovery biology company that seeks to alleviate critical bottlenecks imposed by current technologies upon drug development and life science research. The company is developing new platform technologies for the elucidation of high quality biological data and for the conversion of that information into a confirmed understanding of biological pathways. Pathway understanding enables new efficiencies in the identification, selection and development of optimal disease targets, biomarkers and drug candidates. Target Discovery is introducing selected technology platforms in reagent and software product formats, starting in 2003, and will initiate discovery collaborations with interested partners. The company is based in Palo Alto, California. More information is available at www.targetdiscovery.com.
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