Schrödinger Receives Equity Investment
NEW YORK, NY (April 27, 2010) - Schrödinger, Inc. announced today that it has received an investment from Cascade Investment, L.L.C., a limited liability company wholly owned by William H. Gates III. Founded in 1990, Schrödinger is a scientific leader in chemical simulation for pharmaceutical and biotechnology research. Over the past two decades, Schrödinger's software has been used by nearly every major pharmaceutical firm worldwide as well as hundreds of smaller firms and academic and government research laboratories. More recently, Schrödinger has entered into a number of collaborations in which Schrödinger's technology and expertise could have a significant impact on early-stage drug discovery projects.
Cascade's investment is intended to enable Schrödinger to pursue a number of research and development projects with the aim of making considerable improvements in the state of the art in computer-aided drug design.
"This investment represents an important validation as well as a significant opportunity for us," said Dr. Ramy Farid, Schrödinger's president. "Beyond the impact of the funding itself, we appreciate the interest this demonstrates on the part of Cascade in the application of computational technologies to pharmaceutical research and, ultimately, to developing treatments or cures for a wide range of diseases," said Dr. Richard Friesner, one of Schrödinger's founders and head of the company's scientific advisory board.