Just because the headlines are looking gloomy doesn't mean that individual biotech companies can't shine brightly. Case in point: Forma Therapeutics. The stealth biotech is shedding its cloak of secrecy, telling the Boston Globe that it has raised $25 million over the past year in venture capital, grants and loans.
"It's been a very challenging economic environment to do fund-raising," CEO Steven Tregay tells the Globe.
Forma is using screening technology to hunt for compounds that can influence genes newly linked to cancer. The company has 42 workers and has plans to grow its staff to 55 to 60 by the end of 2009.
- read the story in the Boston Globe
ALSO: Xconomy's Luke Timmerman reports that the stealth-mode biotech Qwell Pharmaceuticals has raised $7 million in a Series A. Qwell is developing small molecule drugs to treat tumors and excess inflammation of skin cells. Report