Biodesy Completes $10 Million Series B Financing to Accelerate Commercialization of Next-Generation Protein Analysis Technology
SOUTH SAN FRANCISCO, CA - Jan 21, 2016 - Biodesy, Inc., a next-generation protein analysis company, today announced the closing of its $10 million Series B financing and its 20th commercial services agreement using its proprietary, first-in-class technology for measuring protein conformational change.
Proceeds from the financing will be used to expand and accelerate commercialization of the Biodesy Delta System, a new, real-time, high-throughput platform that enables researchers to measure conformational change in their own laboratories. The financing was led by existing investors 5AM Ventures, Pfizer Venture Investments, and Roche Venture Fund.
Conformational changes in protein structure cause changes in protein function. However, measuring these changes had been impractical, said Greg Yap, CEO of Biodesy. Biodesy has developed the first and only technology to enable researchers to distinguish functionally and clinically relevant changes in real time and high throughput. The signing of our 20th commercial services agreement demonstrates customer demand, and this financing will help us establish conformational change as a fundamental tool for next-generation protein analysis in drug discovery and basic research.
Biodesy has the potential to fundamentally improve drug discovery and transform protein analysis, said Andrew Schwab, Managing Partner of 5AM Ventures. The Biodesy team has demonstrated strong customer appetite and major market opportunities for its unique technology, and we are pleased to support accelerated global commercialization of the new Biodesy Delta System with this financing.
Prior to launching the Delta System, Biodesy has provided commercial services to develop the market and demonstrate the value of the platform in a wide variety of drug discovery applications such as drug screening, hit evaluation, and mechanism of action. Biodesys 20 customers include seven of the top 10 global pharmaceutical companies. Biodesy has successfully developed assays for approximately 100 protein constructs, representing approximately 40 different proteins and more than 10 different drug target classes, showing the broad applicability of and interest in this platform. The Biodesy Delta System will be unveiled at the annual meeting of the Society for Laboratory Automation & Screening on January 24-27, 2016 in San Diego. For more information, please visit www.biodesy.com/company/news-and-events/ or SLAS Booth #1549.
About Biodesy
Biodesy is developing the first products and systems to rapidly and inexpensively measure both protein structure and function in real time, with applications including drug discovery, structural biology, and clinical biomarkers. Biodesy has developed a unique and highly sensitive technology for detecting conformational change in proteins and other biological molecules. Its technology, based on a phenomenon called second-harmonic generation (SHG), can monitor structural changes at any site within a protein, in real time. Since protein function is determined by its structure, and changes in structure cause changes in function, characterizing these changes will provide significant insights into human disease and how to treat it. Biodesy is located in South San Francisco, California. For more information, please visit www.biodesy.com.
The Biodesy Delta System is for Research Use Only and not for use in diagnostic procedures.
Biodesy and the Biodesy logo are trademarks of Biodesy, Inc. All other brands may be trademarks of their respective holders.