Company has implemented an innovative protein biomarker discovery technology that it says will transform the potential of protein biomarkers in molecular diagnostics and drug discovery and development
Peakadilly, a predictive protein biomarkers company, has announced the final close of its series A financing, raising a further euro8.5 million (US$10.6 million) and bringing the total raised to euro14.5 million ($18.4 million).
Investors in the second close of the series A financing were GIMV, Life Science Partners (LSP), who led the series A round, KBC Private Equity, and Baekeland Fonds II, the venture capital fund of the Ghent University Association.
LSP alongside Johnson and Johnson Development Corporation were an investor in the euro6 million first close of this VIB start-up company in March 2006.
The company has implemented an innovative protein biomarker discovery technology that it says will transform the potential of protein biomarkers in molecular diagnostics and drug discovery and development.
The proceeds of the financing will be used to increase the capacity of Peakadilly's protein biomarker discovery operation based on its proprietary Masstermind technology, enabling it to expand its relationships with pharma and diagnostic companies and to accelerate development of its own diagnostic and pharmacodiagnostic products.
The company has already secured a series of granted patents and revenue-generating projects with pharma.
Commenting on the funding Nick McCooke, CEO, who joined the company in March 2006, said: "We are pleased to have secured this sizeable financing round.
"It underlines the significant commercial opportunity the company has through applying its unique protein biomarker discovery technology both to third party projects and to its own diagnostic product development.
"Our technology represents a significant advance over other approaches and this funding will support the next step in the company's development, as we move forward with the development of a new generation of molecular diagnostics".
Jim Van heusden, senior investment manager at GIMV said|: "Peakadilly's unique protein biomarker discovery technology represents a significant advance over other approaches and this investment will considerably enhance the company's continued success and progress in the development of next generation molecular diagnostics".
Peakadilly also announced the appointment of Jim Van heusden to the board of directors.