Argonaut Technologies Raises $9.5 Million in Private Financing, Names New Board Member and Vice President of New Concept Development.SAN CARLOS San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. , Calif.--(BUSINESS WIRE)--May 1, 1996--Argonaut Technologies Inc., a privately held developer of instrumentation and consumables for use in medicinal chemistry Medicinal or pharmaceutical chemistry is a scientific discipline at the intersection of chemistry and pharmacology involved with designing, synthesizing and developing pharmaceutical drugs. , today announced that it raised a total of $9.5 million in a second round private financing led by Robertson Stephens & Company. Additional participants in the financing included Argonaut's previous investors, Kleiner Perkins Caufield & Byers and Institutional Venture Partners (IVP IVP abbr. intravenous pyelogram IVP (Intravenous pyelogram) The use of a dye, injected into the veins, used to locate kidney stones. Also used to determine the anatomy of the urinary system. ), and new investor, Integral Capital Partners. In a related announcement, the company also said it has elected William H. Rastetter, Ph.D., president and chief executive officer of IDEC IDEC Instituto Brasileiro de Defesa do Consumidor (Portugese: Brazilian Consumer Protection Agency) IDEC Information Design & End-User Computing IDEC Interior Design Educators Council, Inc. Pharmaceuticals Inc., to Argonaut's board of directors. Additionally, Argonaut announced the appointment of Terry Long, former executive vice president of Protein Technologies Inc., as vice president of new concept development. "We are pleased to have the continued support of our original investors, as well as new investment from two leading firms with substantial expertise in both the private and public equity markets," said Joel Martin, Ph.D., president and chief executive officer of Argonaut Technologies Inc. "With this financing, we now have all of the financial resources in place to maintain our leadership position in the development of automated technologies for organic synthesis Organic synthesis is the construction of organic molecules via chemical processes. Organic molecules can often contain a higher level of complexity compared to purely inorganic compounds, so the synthesis of organic compounds has developed into one of the most important aspects of ." "Additionally, we are pleased to welcome William Rastetter to the Argonaut board and Terry Long to our management team," Martin continued. "Bill's proven corporate development expertise and management-know-how, not to mention his strong chemistry background, augment an already strong board of directors. "Terry's expertise in the design and development of leading-edge technology for synthesis and separation will accelerate our development of second-generation products, such as our library synthesizer synthesizer Machine that electronically generates and modifies sounds, frequently with the use of a digital computer, for use in the composition of electronic music and in live performance. ." Long was formerly executive vice president of Protein Technologies Inc. (PTI PTI - Portable Tool Interface ), where he was employed since 1991. While at PTI, he was responsible for the design and manufacture of several instruments including PTI's multiple peptide synthesizer. Prior to joining PTI, he was an engineer at the NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. Center for Separation Science at the University of Arizona (body, education) University of Arizona - The University was founded in 1885 as a Land Grant institution with a three-fold mission of teaching, research and public service. from 1985 to 1991. He received his B.S. degree in chemical engineering from the University of Arizona. Argonaut Technologies, founded in September 1994, is a developer and marketer of proprietary instrumentation, reagents and consumable products that facilitate the simultaneous synthesis of multiple organic molecules. Argonaut's products are "Power Tools for Chemists(TM)" that take advantage of new technology to automate heretofore manual processes such as mixing, heating and cooling, and addition of chemicals. The company's products marry advances in fluid delivery, materials science, machining and computers with the science of solid phase chemistry to enable the parallel synthesis and subsequent purification of large numbers of chemical compounds. Argonaut recently began marketing its initial reagents and consumables for solid-phase organic synthesis in March and plans to release its initial commercial instrument in August 1996. CONTACT: Argonaut Technologies Inc. Joel Martin, 415/598-1350 Ext. 203 Elizabeth Mitchell, 415/598-1350 Ext. 200 or J. Kureczka Associates Joan Kureczka, 415/821-2413 |
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