Trellis Bioscience Raises $10 Million in Series B Venture Round
South San Francisco, CA (February 13, 2007): Trellis Bioscience, Inc., a privately held biotechnology company, announced today that it has raised $10 million in a Series B Preferred Stock venture capital financing. New investor Novartis Bioventures Ltd. led the round, with the participation of additional new investors Pac-Link Bio Venture Investment Corporation and Sagamore Bioventures LLC. Previous investors, Easton-Hunt Capital Partners, LP and Morgenthaler Partners VII LP also participated in the financing. Proceeds from the financing will be used to develop Trellis' own product candidates, as well as its corporate partnering product candidates, and for general corporate purposes.
Trellis additionally announced that Markus Goebel, M.D., Ph.D., managing director of Novartis Bioventures, will join the Trellis Board of Directors.
"We are very pleased to have the participation of this high quality group of venture investors whose support further validates Trellis' technology and business strategy," said Brian C. Cunningham, Trellis' Chief Executive Officer. "This financing will help to transform Trellis from a technology platform company to a product-oriented biotechnology firm that generates its own therapeutic candidates in the areas of infectious disease and oncology. At the same time, we will continue to partner with other companies to commercially validate the advantages of Trellis CellSpot™ technology to rapidly identify important therapeutic antibodies as well as high-producing cell lines that can dramatically improve the productivity of antibody and other protein manufacturing processes."
Important Notes:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. This press release may contain certain statements of a forward-looking nature relating to future events or future business performance. Any such statements that refer to Algodon Wines & Luxury Development Group (Algodon Group) and its respective subsidiaries ("the Company") estimated or anticipated future results or other non-historical facts are forward-looking and reflect the Company's current perspective of existing trends and information. These statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. The forward-looking statements speak only as of the date set forth above. The Company undertakes no obligation to update publicly any forward-looking statement, whether because of new information, future events or otherwise.
Media/Analyst Contact:
Algodon Group
Lauren Beebe, Director of Marketing
212.739.7622
LBeebe@AlgodonGroup.com
External Link: http://www.trellisbio.com/news.php
Released February 13, 2007