KOSAN Raises $2.4 Million in Second Round of Financing.
BURLINGAME, Calif.--(BW HealthWire)--Feb. 19, 1997--KOSAN Biosciences Inc., a biotechnology company based in Burlingame, announced today that it has extended its initial round of financing to Sofinnova Inc. and the Walden Group.
The company sold additional preferred shares Preferred shares
Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of its Series A for a total of $2.4 million and does not anticipate seeking additional financing for an extended period of time.
KOSAN Biosciences has a mission to develop and apply "combinatorial biosynthesis Biosynthesis
The synthesis of more complex molecules from simpler ones in cells by a series of reactions mediated by enzymes. The overall economy and survival of the cell is governed by the interplay between the energy gained from the breakdown of compounds " -- the generation of novel organic molecules derived from natural products (so-called "unnatural" natural products) by genetic engineering of biosynthesis pathways.
Combinatorial biosynthesis is a unique approach for the biological production of combinatorial libraries combinatorial library
in immunology, the ligation of cDNAs of light and heavy chains of immunoglobulins, each in a separate bacteriophage vector. of organic compounds related to molecules of major therapeutic importance.
KOSAN uses combinatorial biosynthesis to produce large libraries of novel, genetically engineered genetically engineered adjective Recombinant, see there chemicals related to natural products known as "polyketides."
Polyketides are a diverse group of natural products found in soil bacteria and fungi, which have yielded antibiotics such as crythromycin, anti-cancer agents such as adriamycin and a host of other therapeutics including immunosuppressants immunosuppressants,
n.pl the agents that lower or reduce immune response; useful in organ transplant surgery to prevent organ rejection. Corticosteroid hormones given in large amounts; cytotoxic drugs, including antimetabolites and alkylating agents; , cholesterol- lowering agents, antifungals and antiparasitc agents.
Together, polyketides have a worldwide market of more than $5 billion per year in pharmaceutical sales.
KOSAN was co-founded in 1995 by Daniel V. Santi, M.D., Ph.D., who is professor of Biochemistry and Pharmaceutical Chemistry at the University of California, San Francisco , and by Chaitan Khosla, Ph.D., assistant professor of Chemical Engineering and Chemistry at Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. .
For additional information, contact Joana L. Voglino, KOSAN Biosciences Inc., 1450 Rollins Rd., Burlingame, Calif. 94010, 415/343-8673.
CONTACT: KOSAN Biosciences Inc., Burlingame
Daniel V. Santi, 415/343-8673, Ext. 204
Joana Voglino, 415/343-8673, Ext. 206