Polyplus-transfection Raises EUR 1.2 Million through an Issue of Convertible Bonds
News Dec 11, 2009
Polyplus-transfection has completed a new funding round in which it raised EUR 1.2 million. The funding took the form of an issue of convertible bonds and was led by existing investor CIC-Vizille Capital Innovation, with the participation of the company’s two other historic shareholders, Avenir Finance Gestion and CIC Finance-CIC Investissement Alsace.
These funds will be assigned primarily to the RNAplus research program, which has been approved by the "Innovations Thérapeutiques" competitivity cluster. The objective of the RNAplus project is to generate new oligonucleotides capable of silencing the expression of a target gene through RNA interference without the use of a delivery reagent.
Polyplus-transfection will also reinforce its human resources with a new CEO and a Business Development Manager in the United States, its leading market (40 percent of sales).
In addition, the funding will allow Polyplus to push ahead its program for exploiting ZNA (Zip Nucleic Acids) oligonucleotides and to defend the company’s intellectual property, especially its rights to the use of polyehtylenimine (PEI) for bioproduction purposes.