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  • Spaltudaq Raises $29 Million Venture Capital Series B Financing

    March 19th, 2007 No comments

    Spaltudaq Corporation, a Seattle-based biotechnology company focused on the rapid discovery and development of therapeutic human monoclonal antibodies recently announced it has raised $29 million in a Series B financing. The financing was co-led by ARCH Venture Partners, Canaan Partners and Healthcare Ventures. Amgen Ventures, MPM Capital, and Alexandria Equities, LLC also participated in the financing.

    Spaltudaq Corporation has developed novel technology that enables comprehensive screening and rescue of monoclonal human antibody drug candidates directly from living human B-lymphocyte cultures. The technology can be used to rapidly discover human antibodies to known, validated targets in infectious disease and cancer and, in addition, can be used to discover novel therapeutic antibody targets. The company has active discovery programs underway in these areas and this financing will allow the company to scale up its efforts, selectively establish strategic partnerships, and accelerate drug candidates into clinical trials.

    “We are very pleased with the deep experience and excellent track record of the investors that have participated in this financing,” said David Fanning, President and CEO of Spaltudaq Corporation. “We welcome Canaan Partners and Healthcare Ventures to our board and look forward to utilizing this investment to accelerate the development of novel therapeutic antibody products in infectious disease and cancer.”

    “We are pleased with the progress Spaltudaq has made while in its formative phase at Accelerator Corporation. We look forward to the company’s continued growth as it exploits its novel platform for human therapeutic antibody discovery and development,” said Steven Gillis, Ph.D., Managing Director of ARCH Venture Partners.

    “We had been searching for an investment opportunity to expand Canaan’s portfolio in infectious diseases and are very impressed that Spaltudaq’s rapid antibody approach will produce novel therapies for a range of inadequately-treated viral and bacterial infections,” stated Wende Hutton of Canaan Partners.

    Spaltudaq Corporation, a privately-held biotechnology company based in Seattle, is focused on developing novel therapeutic antibodies for the treatment of cancer and infectious disease. The company’s technology, I-STAR (In-Situ Therapeutic Antibody Rescue), enables the rapid identification of therapeutic antibody drug candidates directly from human tissue samples. “Spaltudaq” is from the Lushootseed dialect of the indigenous Puget Sound Salish Nation and means “spirit canoe ceremony”, a practice in which a native healer recovers the souls of those stricken with mortal illness. Spaltudaq is founded on this challenge of helping those who are sick, particularly those individuals living with cancer and life-threatening infections.

    For more information, please visit: www.spaltudaq.com

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