Raven Biotechnologies
South San Francisco, CA
Founded: 1999

Why we said: Raven Biotechnologies uses its proprietary cell lines to develop antibody drug targets against a variety of cancers. The company's technology improved methods for pairing active antibodies with specific antigens on the cell's surface. With $40 million from a recent financing round in its coffers, we expected Raven to advance its lead candidates into human trials.

What happened: With promising research on MAbs, Raven was able to garner the backing of a number of venture capital firms, including Biogen Idec New Ventures, Mitsubishi UFJ Capital, Bear Stearns Health Innoventures, and Singapore's BioMedical Sciences Investment Fund, among others. The company spun out its business unit in 2001, forming bioMosaic Systems to provide other developers with analyses of strategies and trends.

Raven announced plans to merge with VaxGen in March of 2008, but the deal fell through after fervent opposition from VaxGen shareholders, including MedCap. Raven was acquired months later by MacroGenics, a privately-held developer based in Rockville, MD. The financial details of the buyout were not disclosed.

View the original Fierce 15 of 2003 report.

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