With help from technology entrepreneur Dr. Yalcin Ayasli, Cambridge, MA-based Syndexa Pharmaceuticals has garnered $15 million in a second round of financing. The company previously raised about $4 million in a seed round and is developing drugs for chronic inflammation, neurodegenerative disorders and obesity-related conditions--including type 2 diabetes. The start-up was founded by Gokhan Hotamisligil using technology he developed at the Harvard School of Public Health.
"This new influx of capital reflects the enormous promise of Syndexa's drug targets, Endoplasmic Reticulum and c-jun N-terminal kinase. Attracting additional capital at an increased valuation is a testament to the robust product potential of our innovative drug discovery approach and the strength of our team," said Teo Uysal, CEO and co-founder of Syndexa. "We are thrilled to partner with our new investor Dr. Ayasli whose experience will bring a new dimension to the Syndexa team as we move forward."
- read Syndexa's release [1] for more on the financing
Related Articles:
Startup: Syndexa takes flight on Harvard technology [2]
Boston biotech booming as scientific research flourishes [3]
Links:
[1] http://www.fiercebiotech.com/press-releases/syndexa-pharmaceuticals-corp-targeting-metabolic-diseases-raises-15m-series-b-financi
[2] http://www.fiercebiotech.com/story/startup-syndexa-takes-flight-harvard-technology/2007-11-29
[3] http://www.fiercebioresearcher.com/story/boston-biotech-booming-as-scientific-research-flourishes/2007-05-15