Fri
Mar 28 2008
02:02 pm
Protein Discovery, Inc. Completes $10 Million Private Equity Financing:
Protein Discovery, Inc., a developer and marketer of products that simplify biological sample preparation for mass spectrometry applications, today announced that the company has closed a $10 million Series C round of equity financing.
The company's product is used to "prepare biological samples for mass spectrometry analysis in common life science R&D applications such as protein biomarker discovery and small molecule quantification," whatever that means, and is said to reduce the time required for the process from days to hours.
Apparently it has nothing to do, however, with sports, trucking, or strip mall development.
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I think that pertains to
I think that pertains to running peptides thru a mass spec gizmo in order to identify what proteins (genetic traits) are in a cell to make it a particular type of cell. 'Proteomics' along with microarray analysis have had a revolutionary impact on, among many other things, diagnosis and treatment (pharmaceuticals, etc) of health problems like cancer.
Protein Discovery - thinking back a couple of years
Keeping these folks around worked out pretty well. Attracting companies is very difficult. Keeping startup companies like this one with its potential for growth in the area is critical. Needless to say every community would love to have them. It is a bonus that they are downtown.
______________________________________________
COK Press Release - Feb 7, 2006
Protein Discovery Inc. Celebrates Opening of New Downtown Lab and Office Facility
Protein Discovery, Inc., a privately held life sciences company, held a ribbon-cutting ceremony today to celebrate the opening of its new downtown Knoxville laboratory and office. Located on the second floor of Knoxville's historic Phoenix Building at 418 South Gay Street, the new facility provides needed space for the company's imaging mass spectrometry operations, research and development labs, and administrative offices.
Protein Discovery chief executive officer Chuck Witkowski, Knoxville Mayor Bill Haslam and Knoxville Area Chamber Partnership CEO Mike Edwards hosted the event, which was also attended by University of Tennessee president John Peterson and a number of Protein Discovery's board members, investors, and employees.
“Protein Discovery is among the cornerstone companies for Tennessee's Innovation Valley initiative in the life sciences,” said Mayor Bill Haslam. The company is a product of local ideas, investment, and entrepreneurship that has attracted talent from California's Silicon Valley."
“Protein Discovery is a great fit for our dynamic downtown, and I’m pleased that the City was able to assist the company with the build out of its state-of-the-art biotech laboratory in a historic building,” continued Mayor Haslam. “Protein Discovery’s commitment to downtown confirms that Knoxville is a great place to locate and grow a business.”
In his remarks at the event, Protein Discovery's chief executive officer Chuck Witkowski said, "The fundamental technologies upon which Protein Discovery was founded were developed in Tennessee's Innovation Valley, from the Oak Ridge National Laboratory to Vanderbilt University. We're excited to be moving ahead with our product and commercial development right here in Knoxville, and we're proud of the contribution we're making to the growth and vitality of the downtown area."
I saw a presentation by these guys..
.. very cool stuff. One really interesting market they talked about addressing was fast assay of bacterial strains (not just the presence of a type of bacteria, but the exact DNA family) to sell to hospitals to improve MRSA (drug-resistant staph) infection control. With DNA-specific testing, you have a better chance of piecing together exactly how Patient X got infected, and thus better control strategies.
This becomes especially important as more legislation requires hospitals to disclose MRSA infection rates.
If they sold stock, I'd buy in. I was impressed both by their technical savvy and their way of relating it to evolving market needs.
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Isn't that refreshing.
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