LEXINGTON, Mass., Jan. 4 /PRNewswire/ -- Phylos, Inc. announced today the
completion of a $25.1 million round of private equity financing led by Three
Arch Partners with additional funding from Sprout Group, Lone Pine Capital,
Invemed Associates and as well as reinvestment from existing shareholders.
Jeffrey W. Bird, MD, Ph.D. (Three Arch Partners) and Philippe Chambon, MD,
Ph.D. (Sprout Group) have joined the Board of Directors of Phylos.
Phylos, a privately held proteomics company, has developed a suite of
technologies for understanding the function of proteins in disease. The large
investment in genomics has led to a rapid increase in the number of novel
proteins. As the number of proteins has increased, knowledge of their
function and validity as possible drug targets has grown in importance.
PROfusion(TM), Phylos' powerful combinatorial biology platform, has been
automated for applications in drug discovery and proteomics, and is being
extensively applied toward the development of high-affinity capture proteins
for the Company's protein chip program. Phylos is expanding its technology
base and exploiting a number of key applications through internal programs and
collaborations with partners.
"With this funding, we are now well positioned to commercialize the
protein chip program and continue the development of our platform technology,"
said Gustav Christensen, CEO of Phylos. "We are also excited about adding the
experience of Jeff and Philippe to our Board," Mr. Christensen added.
Jeffrey Bird, Partner at Three Arch Partners, stated, "The technologies
developed by Phylos stand out because they span the full spectrum of
proteomics, from unique tools like protein chips to new human therapeutics.
In addition, the Phylos team has a track record of success in this challenging
new area of biology."
Philippe Chambon, General Partner at Sprout Group, stated, "Sprout Group
is very excited about the Phylos technology platform, which we believe
provides the broadest and most flexible set of enabling applications in
proteomics. While the life sciences industry has made great progress in
understanding gene function, it is essential to identify proteins and related
variants involved in disease. Phylos' ability in combinatorial biology, in
characterizing classes of proteins with related functions, will be at the core
of this new direction in pharmaceutical discovery."
Phylos has developed an integrated target identification and validation
platform which will play a pivotal role in translating the biology and
understanding of the human genome into novel pharmaceutical products. A key
component to the Company's business model is the first high-throughput protein
biochip that will revolutionize drug discovery and functional proteomics.
Through this innovative and proprietary product, Phylos is on an aggressive
track to become the market leader in the next generation of biochips having
the unique ability to understand complex disease processes, provide early
diagnostic information, and identify novel therapeutic targets. The Company
will leverage this near-term product opportunity to build partnerships, a
strong near-term revenue base, and sustainable value in the long-term through
the development of biotherapeutic products.
SOURCE Phylos, Inc.
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Related links:
http://www.phylos.com
CONTACT:
Gustav Christensen, M.B.A., CEO, 781-862-6400
ext.327, gchristensen@phylos.com, or Ashley Lawton, Ph.D.,
M.B.A., President, 781-862-6400 ext. 233, alawton@phylos.com,
both of Phylos, Inc.
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