Rules-Based Medicine, which is hot in pursuit of new biomarkers, has received a $25 million injection of cash. Part of that money is coming from real estate billionaire Sam Zell, who is putting his son on the board. The money is being divvied up between future acquisitions, paying off for a recent buyout and funding a deal to buy out Luminex's interest in the company, which was founded using technology developed by Luminex. The Austin-based biotech company works for drug developers, providing biomarkers that can demonstrate how drugs work. Last week Rules-Based Medicine bought out a German company, Experimentelle und Diagnostische Immunologie, which offers a cell culture test that demonstrates how people react to medicines.
- see this release [1] on the funding
- here's the report [2] from the Austin American-Statesman
ALSO: Four-year-old Tengion has raised $33 million in its third round, adding to the $89 million it already has garnered from investors. The company is developing new ways to develop replacement organs and body tissue from patient's cells. Tengion was founded on the science of Dr. Anthony Atala at the Wake Forest Institute for Regenerative Medicine. Deerfield Partners led the round. Release [3]
Related Article:
Tengion garners $50M in VC. Report [4]
Read more on: Venture Capital [5]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-rules-based-medicine-raises-25-million-series-funding
[2] http://www.statesman.com/news/content/business/stories/other/10/15//1015vc.html
[3] http://www.fiercebiotech.com/press-releases/press-release-tengion-closes-33-million-series-c-funding
[4] http://www.fiercebiotech.com/story/tengion-garners-50m-in-vc/2006-06-27
[5] http://www.fiercebiotech.com/tags/venture-capitalists