CAMBRIDGE, UK (2009-03-24) -FOR IMMEDIATE RELEASE ProteinLogic closes Private Placing
CAMBRIDGE, UK (17th March 2009) ProteinLogic Ltd (the Company) is pleased to announce that it has raised a total of just over £426,000 from a mix of existing shareholders and a number of new investors.
After taking into account the costs of the placing, ProteinLogic has a net cash balance of circa £400,000 with which to fund the continued development of the business and ProteinLogic’s ImmiPrint diagnostic technology. The directors anticipate that this funding will be sufficient to take the company through to the next major milestones in the development of its pattern recognition disease diagnosis technology.
The placing was co-ordinated by Loeb Aron & Company Ltd and Beer & Partners Ltd with the latter firm introducing a number of investors. One investor in particular has considerable experience of growing companies in the healthcare sector and is actively providing assistance to the company as required. ProteinLogic would like to thank both Loeb Aron and Beer & Partners for both ensuring a successful placing in volatile markets and introducing the Company to investors with a deep knowledge of the sector.
The technology was developed by Dr César Milstein and Dr Adrian Woolfson at the MRC Laboratory of Molecular Biology in Cambridge and Professor Nick Hales from the Department of Clinical Biochemistry at the University of Cambridge. The technology is based partly on Milstein’s discovery of immune cell surface antigens and his work on monoclonal antibodies, for which he was awarded the Nobel Prize in Medicine and Physiology.
Notes for Editors:
1. ProteinLogic is a UK registered company based in Cambridge UK whose mission is to deliver diagnostic tests for use in clinical medicine. The technology ‘barcodes’ human diseases using a discrete set of biomarkers present in body fluids. The work was developed by Dr César Milstein and Dr Adrian Woolfson at MRC Laboratory of Molecular Biology in Cambridge and Professor Nick Hales from the Department of Clinical Biochemistry at the University of Cambridge. The technology is based partly on Milstein’s discovery of immune cell surface antigens and his work on monoclonal antibodies, for which he was awarded the Nobel Prize in Medicine and Physiology. The Company was spun out of the Univeristy of Cambridge, Addenbrooke’s NHS Trust and the Medical Research Council Labortory for Molecular Biology, Cambridge. For further information, visit www.proteinlogic.com.
2. Beer & Partners Ltd are specialists in working with early stage companies securing investment they require to develop their business. They have immediate access to over 1,600 active private equity investors who are investing into over 50 companies per annum through Beer & Partners. 20% of their activities are in the medical and healthcare sectors. For further information visit www.beerandpartners.com.
3. Dr Adrian Woolfson is a molecular biologist and medical doctor. He was the co-founder of ProteinLogic and was formerly a Charles and Katherine Darwin Research Fellow in molecular biology at Darwin College, Cambridge and a Wellcome Trust Clinical Fellow at the MRC Laboratory of Molecular Biology, Cambridge.
4. Dr César Milstein was the co-inventor of the hybridoma technique for the production of monoclonal antibodies for which he was awarded the Nobel Prize in Physiology and Medicine in 1984. He was a fellow of Darwin College, Cambridge and an Honorary Fellow of Fitzwilliam College, Cambridge. From 1988 to 1995 he was the Deputy Director of the Medical Research Council Laboratory of Molecular Biology, Cambridge.
5. Professor Nick Hales was a fellow of the Royal Society, a fellow of Downing College, Cambridge and Head of the Department of Clinical Biochemistry at Cambridge University. His work led directly to the world’s first commercial protein radioimmunoassay.
For further information, please contact:
Mr. Mahesh Shah, CEO, ProteinLogic Ltd.
Phone: + 44 (0) 845 057 3906
email: email@example.com or Claire Sefton, Investor Relations, ProteinLogic Ltd.@Phone: +44 07585958576.
Copyright ProteinLogic Ltd March 2009