ChemCodes Bolsters First Institutional Round with New Venture Capitalist Investment of $1 Million.Business Editors, Health & Medical Writers RESEARCH TRIANGLE PARK--(BUSINESS WIRE)--May 2, 2002 ChemCodes, an early stage chemistry company with a proprietary technology platform for drug discovery, has closed on an additional $1 million 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 from Emerging Technology Partners of Rockville, Maryland Rockville is the county seat of Montgomery County, Maryland, United States. According to the 2006 census update, the city had a total population of 59,114, making it the second largest city in Maryland. . Intersouth Partners of 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. and Noro-Moseley Partners of Atlanta, Georgia initially led the investment in late November 2001 which, with existing investors, totaled $7.5 million. This new investment increases this round of financing to $8.5 million. "We have been searching for solutions to the chemistry bottleneck," said Bill Snider, lead Partner at Emerging Technology Partners, "and ChemCodes clearly has a proven technology to address it. Their prospects for rapid growth and their management team are impressive." "Having a high quality venture capitalist Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. like Emerging Technology Partners join our Series B round of financing further validates our technology and the confidence that investors have in our management team," said Dr. Robert Bell Robert Bell may refer to:
"We are pleased that the ETP ETP Eligible Termination Payment (Australian finance) ETP Equivalent Temps Plein (French: Full Time Equivalent) ETP European Technology Platform ETP Employment Training Panel team has joined this investment syndicate," said Dennis Dougherty, General Partner at Intersouth Partners. "The ChemCodes story is compelling, as validated by this additional investment." About ChemCodes ChemCodes is a chemistry-driven drug discovery company. Its proprietary high throughput chemistry technology platform addresses the chemistry bottleneck in drug discovery and development. ChemCodes is using this technology in collaboration with pharmaceutical and biotechnology companies to create enabling chemical synthesis solutions for the discovery and development of new medicinal compounds. For more information about ChemCodes, please contact Bob Bell or Gary Eichenbaum at 919/806-3553 or via the company website at www.chemcodes.com. About Emerging Technology Partners Emerging Technology Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is a Maryland-based venture capital firm. The firm's focus is on early stage life science companies. Founded in early 2000, ETP has made investments in 13 companies from two limited partnerships. For more information about Emerging Technology Partners, please contact Bill Snider at (301) 222-2200 or visit www.etpvc.com. About Intersouth Partners Located in Durham, North Carolina, 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, ChemCodes, Cogent Neuroscience, 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 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 or visit www.noro-moseley.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion