Protein Discovery Launches Mass Spectrometry Tissue Imaging Service
News Oct 27, 2005
Protein Discovery, Inc. has announced the launch of its mass spectrometry tissue imaging service. The service will enable pharmaceutical and biotech organizations to take advantage of tissue imaging and profiling methods without setting up and staffing expensive in-house facilities.
Based on proprietary processes and exclusive technology licenses from Vanderbilt University and the University of Texas, the service will provide insights into protein expression, disease progression and drug metabolism.
Protein Discovery has funded the start-up costs of the service using proceeds from its recent $2.2 million Series B financing. The Series B round was led by the Southern Appalachian Fund, with additional participation by MB Venture Partners, Nashville Capital Network, Vanderbilt University, and others.
The investment will be supplemented by additional financial support from the Southern Appalachian Fund's Operational Assistance program.
“We are pleased by the support of our new and existing investors and are excited to provide this valuable new service for our customers,” said Chuck Witkowski, president and chief executive officer of Protein Discovery.
“The additional financing and the service business will provide operational cash flow and allow us to accelerate our product development efforts.”
“I've been watching the evolution of Protein Discovery closely for several years,” said Grady Vanderhoofven, executive vice president of Southern Appalachian Management Company, LLC, the General Partner of the Southern Appalachian Fund.
“I've watched the company attract people of the highest caliber, like Dean Hafeman and Andrea Mravca, and I've observed the market for Protein Discovery's products and services.”
“Protein Discovery has tremendous potential, and our investment will help fuel the company's growth. We expect the company to build on its impressive foundation and become a superstar in the industry.”