WellGen Completes $9.5 Million Series C Financing
NORTH BRUNSWICK, N.J., Oct. 29 -- WellGen, Inc., a biotechnology company using nutrigenomics to discover and develop food ingredients for wellness products, today announced the completion of its Series C financing totaling $9.5 million. The capital raised from this round of financing will enable WellGen to advance its anti-obesity ingredient for functional foods, including the launch of a human study that has already received Institutional Review Board approval, and to conduct further studies of its recently patented product WG0401, an enriched extract from black tea which has demonstrated inflammation-fighting properties in multiple studies in humans.
The financing will also enable WellGen to complete equipping its state-of-the-art molecular biology and natural products chemistry laboratory, and to hire additional personnel. In addition, WellGen is working to fill its pipeline with new, scientifically validated ingredients with health benefits for food and beverage applications. The Company anticipates advancing several new ingredient candidates derived from its nutrigenomics platform technology before the year's end.
Investors in this round of financing include both new and existing WellGen shareholders. The Series C financing was substantially oversubscribed, leading WellGen's board of directors to increase the size of the offering.
Dr. Kathleen Mullinix, Chief Executive Officer of WellGen, said, "We are very pleased with WellGen's progress as we bring WG0401, our first ingredient, to market -- the result of years of painstaking scientific research. This financing will reinforce WellGen's leadership position in the emerging field of nutrigenomics and functional foods."
In July 2007 a patent was awarded for WG0401 and its proven inflammation-fighting properties. WG0401 will initially be marketed as a functional food ingredient that promotes joint health and comfort, supports immune-system defense and anti-aging, and contributes to cardiovascular health. The Company is developing additional uses for the product.
Richard Morgan, CEO of Amphion Innovations plc (LSE: AMP - News), a leading investor in WellGen, said, "We are very pleased with the investment community's enthusiastic response. We believe that WellGen's exceptional scientific and managerial team is on the cusp of creating significant value from the Company's proprietary products and technologies."
About Amphion Innovations plc
Amphion Innovations plc (LSE: AMP - News) builds shareholder value in high growth companies in the medical and technology sectors. Amphion uses a focused, hands-on company building approach based on decades of experience in both the US and UK. On the web: http://www.amphionplc.com
WellGen, Inc., based in North Brunswick, NJ, is a biotechnology company that is discovering and developing products for food, therapeutics, and dietary supplement markets with a strategic focus on functional foods. WellGen's proprietary technology platform is a method of screening the effect of food and related substances on the expression of genes associated with human health conditions. The company has developed proprietary substances that help maintain health and reduce risk and severity for a variety of diseases. Please visit our website at http://www.wellgen.com for more information.