New York-based Promosome hauled in $9.6 million for its second round of venture capital, surpassing a goal of raising $7.5 million. The company says it has set out to commercialize the work of Gerald M. Edelman and his colleague Dr. Vincent P. Mauro of The Scripps Research Institute in La Jolla, focusing on the regulation of protein synthesis.
"This funding effort will assure Promosome sufficient runway to complete our commercial objectives for the Translation Enhancing Elements program while allowing for the commercial development of other ongoing, high impact advances in the translation initiation arena," said CEO John Manzello. "During these challenging economic times, Promosome is fortunate to have both its core group of investors and new investors participating in this B round."
There was no word in the release, though, on who invested in the company. Chairman William Gedale's bio on the company website notes that he is a managing general partner and co-founder of NGN Capital.
- check out Promosome's release