CHEMCODES Closes First Institutional Round of $7 Million in Venture Capital.Business Editors/Health and Biotech Writers RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)--Dec. 13, 2001 CHEMCODES, an early stage chemistry company with a proprietary technology platform for drug discovery, has closed on a second round of venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends of $7.5 million. Intersouth Partners of Durham, NC and Noro-Moseley Partners of Atlanta, GA led the investment. "At Intersouth Partners, we are delighted about CHEMCODES' potential because of its combination of substantial market opportunity and world class novel technology," said Dr. Robert Bell Robert Bell may refer to:
CHEMCODES is a new generation chemistry drug discovery company. The core technology platform of the company enables chemical synthesis In chemistry, chemical synthesis is purposeful execution of chemical reactions in order to get a product, or several products. This happens by physical and chemical manipulations usually involving one or more reactions. solutions for the discovery and development of new medicinal compounds, focusing on converting hits to leads in the pharmaceutical R&D value chain. CHEMCODES leverages a high throughput, scalable and automated proprietary technology platform that combines experimental chemistry and informatics; the technology was licensed from GlaxoSmithKline. "We are pleased to have Intersouth Partners and Noro-Moseley Partners participating in our Series B round of financing," said Dr. Gary Eichenbaum, founder of CHEMCODES. "This funding will allow CHEMCODES to build critical chemistry capabilities, enhance, and commercialize its technology platform and form commercial partnerships." About CHEMCODES CHEMCODES is an early stage drug discovery company that creates enabling chemical synthesis solutions for the discovery and development of new medicinal compounds. CHEMCODES is focusing on converting hits to leads in the pharmaceutical R&D value chain. There has been considerable excitement emanating from genomics, which is producing new targets for drug discovery. However, leveraging the value of genomics depends on chemistry. CHEMCODES is addressing the large opportunity that is being created by the chemistry bottlenecks in drug discovery and development, chemical R&D, and the shortage of chemists and lack of enabling technology. For more information about CHEMCODES, please contact Bob Bell or Gary Eichenbaum at (919) 806-3553. About Intersouth Partners Located in Durham, North Carolina Durham is a city in the U.S. state of North Carolina. It is the county seat of Durham CountyGR6 and is the fourth-largest city in the state by population. , Intersouth Partners is one of the largest and most experienced early stage venture funds in the Southeast, having invested in over sixty private companies, primarily in the information technology and life sciences sectors. Founded in 1985, Intersouth Partners manages $300 million in five venture capital limited partnerships. Intersouth life science portfolio companies include Accordant Health Services health services Managed care The benefits covered under a health contract , Athenix, Biolex, Cardiovascular Diagnostics, Cogent Neuroscience neu·ro·sci·ence n. Any of the sciences, such as neuroanatomy and neurobiology, that deal with the nervous system. neuroscience the embryology, anatomy, physiology, biochemistry and pharmacology of the nervous system. , Encelle, Insmed, Inspire Pharmaceuticals, MERIX Bioscience, Norak Biosciences, Paradigm Genetics, StemCo Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , and Xanthon. For more information about Intersouth Partners, please contact Andrea Straw at (919) 493-6640, ext. 108, andrea@intersouth.com or visit www.intersouth.com. About Noro-Mosely Partners Noro-Moseley Partners (NMP NMP New Millennium Program (NASA) NMP National Military Park (National Park Service) NMP N-Methylpyrrolidone NMP Network Management Protocol NMP Not My Problem ) is an Atlanta-based venture capital firm that invests primarily in technology and health sciences companies. Since 1983, NMP has created five limited partnership funds totaling approximately $580 million in capital and has invested in over 115 companies. The firm is currently investing from its Fund V ($320 million) and is particularly interested in opportunities located in Georgia, Florida and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . For more information about NMP, please contact Rusty French at 404-233-1966, rfrench@noro-moseley.com or visit www.noro-moseley.com. |
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