Ambrx gathers $52 million in third round

Ambrx has garnered $52 million in its third round of venture capital, fresh support for its work in protein modification. Apposite led the round with additional funds coming from current investors such as Versant Ventures and Roche Venture Fund. Ambrx expects to initiate clinical trials with a long-acting, PEGylated human growth hormone in early 2007, followed by an enhanced, PEGylated interferon alpha molecule.

"We've taken a novel technology that is broadly applicable to existing protein drugs and used it to advance our lead product candidates from the laboratory toward the clinic in less than three years," said Martin Mattingly, Pharm.D., Ambrx's president and chief executive officer. "The financing will enable us to continue on the fast track with drug development and support our transition into a clinical-stage company later this year."

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