Press Release: CODA Genomics Announces Series C Financing
CODA Genomics Announces Series C Financing LAGUNA HILLS, Calif., July 11 -- CODA Genomics, Inc., a pioneer in applying Translation Engineering(TM) towards challenging protein expression, today announced it has secured $7 million in Series C financing. The Company will use these funds to expand and manage the growth experienced by the Company, driven primarily by the success of new and expanding collaborations with pharmaceutical and biopharmaceutical companies. The round was led by OVP Venture Partners, with current investors including Monitor Ventures, Tech Coast Angels, and Life Science Angels also participating. CODA's Translation Engineering platforms integrate novel technologies and processes to optimize protein production at a ribosomal or molecular "protein factory" level to produce important pharmaceutical proteins. CODA was founded around a proprietary understanding of the relationship between protein translation and codon pair signaling, which affects translation speed via "pauses." The Company's initial rounds of investment, led by Monitor Ventures and early stage angel funds, enabled the Company to bootstrap initial operations, generate proof-of-concept in the Translation Engineering(TM) platforms, and begin to ramp revenues from collaborations with major pharmaceutical and bio-pharmaceutical companies. The Company will utilize this infusion of capital to build upon and expand its revenue growth and obtain new high value intellectual property positions, including a therapeutic development candidate. "The last 9 months have seen high growth for us as our strategic pharmaceutical partners experience success from the utilization of Translation Engineering," said CODA Genomics CEO Dr. Robert Molinari. "This additional financing will fuel our growth in several opportunistic areas, including expansion of our Translation Engineering technology to more organisms and partners, funding of a Biofuel enzyme optimization initiative in collaboration with the University of California, Irvine, and further development of a novel therapeutic lead candidate demonstration project." "The CODA Translation Engineering technology could well become a necessary tool for all researchers in the field of protein related drug development," said Chad Waite, General Partner at OVP and CODA Genomics board member. "One of the major problems in moving many protein-related drugs from research to commercialization has been that, when the gene expression system is moved from a research scale to commercial scale, the host cells don't properly express active protein, rendering it useless as a therapeutic. CODA's technology provides a rational approach towards solving these problems, and can repair and enhance the expression of active therapeutic protein." About CODA Genomics CODA Genomics, Inc. is a protein Translation Engineering company focused on proprietary, patented approaches to express proteins across a variety of eukaryotic and prokaryotic cell lines. This unique technology enables synthetic biology success by solving problems related to protein expression and activity.