ProteoNic Announces Closing of Financing Round
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|Wednesday, 28 September 2011 15:15 (UTC + 2)|
Leiden, The Netherlands, September 28, 2011 / B3C newswire / – Dutch biotech company ProteoNic B.V. announces successful completion of a € 6 mln equity financing round led by US-based Fairbanks Investment Fund (FIF), with existing shareholders participating. The funding will be used to accelerate commercialization of ProteoNic’s proprietary UNic™ recombinant protein yield enhancement technology and expand the company’s capabilities in the area of cell line generation and contract services.
ProteoNic’s UNic™ technology is applied in the production of industrial enzymes and biopharmaceutical proteins. Application of this technology reduces costs and enables production at economically feasible levels of proteins whose commercial development is hampered by poor expression. UNic™ enhances production efficiency by increasing recombinant protein output per cell at the translational level, while leaving production methods, including cell types and culture methods, completely unchanged.
Mrs Shannon Fairbanks, founder of Fairbanks Investment Fund commented: “I am exited about having entered into this partnership with ProteoNic. The broad applicability of the UNic™ technology across industries places the company in an ideal position for successful commercialization via licensing and partnerships”.
Frank Pieper, CEO of ProteoNic added: “The participation by FIF and the continued support of our existing shareholders underline the potential of our technology, and will allow ProteoNic to invest in the role-out and further development of its core business”.