Nucleonics, Inc., a biotechnology company focused on the development of novel RNA interference-based (RNAi) therapeutics, announced that the company has raised an additional $8.3 million, bringing the total raised in its Series B venture financing to $49.2 million. New investor Quaker BioVentures participated in the second close, as did previous investors New Enterprise Associates (NEA) and S.R. One, Limited.

The company additionally announced that James Barrett, a general partner at New Enterprise Associates, has been elected chairman of the Nucleonics board of directors, and that Giovanni A. Ferrara, a director in the Venture Group at Burrill & Company, has joined the board.

"Nucleonics' unique strategy for developing RNAi therapeutics gives them a significant advantage in this exciting and emerging field," said Barrett. "Their expressed interfering RNA platform represents an exceptional and compelling approach to RNAi therapeutics that is essential for the treatment of viral infections as well as other diseases. NEA is pleased to partner with their impressive and talented scientific and management teams, and we look forward to the success of this company."

"We are very pleased to have the support and backing of these high quality investors whose participation in this significant financing helps to validate our company's technology and strategies for product development," said Robert J. Towarnicki, Nucleonics' president and chief executive officer. "We expect the proceeds of this financing to support the development of our product candidate for Hepatitis B (HBV) infection through Phase II clinical testing, as well as to further the development of our technology overall." Towarnicki noted that Nucleonics scientists had made significant progress towards finalizing the design of the eiRNA construct that will be used in human clinical trials in 2005.

Source: Nucleonics, Inc. 

Protez Pharmaceuticals announced that Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has invested $300,000 of convertible debt in Protez Pharmaceuticals, an early-stage biotechnology company that is discovering and developing novel antibiotics for hospital use.

BFTP/SEP's investment caps a $1.6 million seed round with founding investor BTG and additional investor BioAdvance, the biotechnology greenhouse of southeastern Pennsylvania.

"There is a growing and unmet need for antimicrobial agents targeting the hospital market. Bacterial infections are becoming increasingly resistant to existing therapies, and Protez's novel potentiator compounds have the ability to extend the useful life of many current antibiotic classes by allowing them to kill bacteria as opposed to just slowing their growth," stated Jimmy Lee, director of investments and entrepreneurial services in biotechnology and life sciences.

"We are happy to have BFTP as an investment partner in Protez. BFTP's track record of working with highly successful life sciences ventures and the additional value they provide is a tremendous asset for our company at this stage of development," stated Chris Cashman, CEO of Protez Pharmaceuticals.

"With the BFTP investment, Protez is in a strong position to achieve its goals. The company has now received over $1.6 MM in investments from BTG, BFTP, and BioAdvance, which is joined by over $2.9 MM in grant funding. Moreover, BFTP's experience will be very valuable as Protez continues to grow," according to Ezra Felker, assistant vice president, BTG Ventures. "BTG is very pleased to have BFTP as an investor in Protez during this exciting phase."

Source: Protez Pharmaceuticals