Evolved Nanomaterial Sciences Completes Series A Financing; Venture Firm Harris & Harris Group Backs Cambridge Nanotech Company.
"The future of drug discovery and manufacture rests squarely with chiral therapeutics which represent more than 80 percent of all new drugs in the pipeline," said ENS CEO Robert Pucciariello. "Yet current methods for chiral separation are slow, unreliable and often unscalable for manufacture. Harris & Harris Group's knowledge of the nanotechnology space enabled them to recognize how ENS's technology will speed up and simplify the drug development process."
Using a patented nanotechnology, the company's HPLC Chiral Columns enable previously unattainable molecular separations by offering unprecedented selectivity and scalability, and dramatically simplifying the research and analysis process. ENS's forthcoming product line effectively separates a broad spectrum of chiral chemical compounds, including both large and small molecules. It promises to remove much of the current trial and error in chiral chromatography column and condition selection.
Chiral separation is a process by which scientists, particularly in drug development and clinical trials, separate mirror-image molecules: one of which is often therapeutic or beneficial; the other of which can produce unwanted side effects.
ENS will use the funding to fill out its manufacturing and product development capabilities, and support the upcoming launch of its first line of commercially available chiral columns in second quarter 2006.
The company's technology has also demonstrated superior performance on low molecular weight compounds. The enabling capabilities of its columns, shorter method development times needed, and higher capacity and throughput in batch chromatography all address critical points in the drug development pipeline, helping to speed new drugs into clinical trials. Most top-selling drugs are chiral, including Lipitor(R), Nexium(R) and Viagra(R), and more than 50 percent of current drug sales are from chiral drugs.
ENS's HPLC column technology will be exhibited to more than 20,000 scientific professionals next week at the 57th Pittsburgh Conference on Analytical Chemistry and Applied Spectroscopy at the Orange County Convention Center Exposition in Orlando.
About Evolved Nanomaterial Sciences (ENS)
Headquartered in Cambridge, MA, ENS utilizes patented nanotechnology to enable previously unattainable molecular separations, offering unprecedented selectivity and dramatically simplifying the drug discovery and scale-up process. ENS' web site is www.ensbio.com.
About Harris & Harris Group, Inc.
Harris & Harris Group, Inc. (NASDAQ: TINY) is a publicly traded venture capital company that now makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The company's last 27 initial private equity investments have been in tiny technology-enabled companies. For more information, go to http://www.tinytechvc.com.
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|Date:||Mar 9, 2006|
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