Promosome LLC Announces Successful Closing of $9.6 Million Series B
Financing Round
NEW YORK, Oct. 27, 2008 (GLOBE NEWSWIRE) -- Promosome LLC, a
biotechnology company specializing in innovative technologies related
to the regulation of protein synthesis, today announced the
successful completion of its Series B Funding Round. Initially
seeking $7.5 million, Promosome has been successful in
over-subscribing the round to a close of $9.6 million. These funds
will be utilized to support the current commercialization efforts for
its Translation Enhancing Elements (TEEs) technology as well as
advancing other late stage development technologies.
"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 John Manzello, Promosome's President and Chief Executive
Officer. Mr. Manzello went on to say: "During these challenging
economic times, Promosome is fortunate to have both its core group of
investors and new investors participating in this B round.
Demonstrating the ability to not only maintain current investors, but
attract new investors, is a testament to the compelling attributes of
the technology and the commercial strategies supporting them."
About Promosome
Promosome is a New York City based biotechnology company founded by
William J. Gedale and John R. Costantino, to commercialize the
discoveries of Nobel Laureate Dr. Gerald M. Edelman and his colleague
Dr. Vincent P. Mauro of The Scripps Research Institute (TSRI) in La
Jolla, California.
Promosome has made considerable commercial in-roads through
biotechnology applications of the technology and the use of its
unparalleled understanding of mRNA translation. Based on this
understanding, Promosome will launch a number of other significant
biotech based applications for bioproduction enablement and DNA
Vaccines.
Promosome has established a Research Funding and Option Agreement
(RFO) with TSRI and the laboratories of Dr.'s Edelman and Mauro that
will continue to fill Promosome's commercial application pipeline.
Promosome has already taken a world-wide exclusive license for the
TEEs Technology and intends to attain the same license for more TSRI
based inventions within the next calendar year.
For more information on Promosome's TEE technology, and Promosome
corporate information, please visit www.promosome.com.
CONTACT: Promosome LLC
John F. Manzello
+1-508-845-2255
jmanzello@promosome.com
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