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| 6,7 million EUR first round financing for PamGene |
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Vught, NL, December 22nd 2000
PamGene, a Dutch biotechnology spin-off from Organon Teknika (a Business Unit of Akzo Nobel NV), has secured EUR 6.7 million in a first round of financing through investments from GIMV Venture Capital, Alta Partners, Life Sciences Partners and private investors. PamGene, which has developed patent-pending technology for a second generation microarray platform and novel gene expression profiling system for post-genomic applications, is headed by a proven management team from Organon Teknika, including Tim Kievits, chief executive officer, and Daan van der Heyden, chief financial officer.
The round was led by the international venture capital firm GIMV (Belgium) a Euronext quoted company and included Alta Partners (USA) and Life Sciences Partners (The Netherlands), both leading venture capital firms focused on healthcare and bio-technology. All three firms have invested an equal amount of EUR 2 million.
"The combination of novel microarray technologies, management with industrial background and the European base of the company makes PamGene a promising and unique investment for GIMV, ALTA and LSP". says Patrick van Beneden, GIMV’s fund manager.
"In today’s world of post-genomics, microarray is of high importance," says Jean Deleage, founding partner of Alta Partners. "We expect PamGene to be a major contributor in this field and are pleased to be associated with their company and technology."
According to Kievits, products based on PamGene’s technology lower the threshold for many users to apply parallel testing to their research. This will exponentially enhance the use of these microarray systems as the DNA and protein testing methods of choice in pharmaceutical and academic research laboratories, as well as in routine testing for infectious diseases such as cancer, DNA-based drug prescriptions and other facets of Health Management. The technology, which enables more DNA molecules to be extensively analyzed in parallel, would benefit patients, physicians and health care companies through faster, more accurate and cost effective test results and clinical treatment.
"We are very happy to have secured funding from three venture capital firms that have an excellent track record in the life sciences field and are known to support the further development of the companies they invest in," adds Kievits.
According to industry experts, the current market for DNA microarray technology is estimated at around 0 million. Projections estimate a .5 billion market by the year 2004.
PamGene plans to develop products based on its technology to facilitate the post-genomic development of new scientific and gene discoveries in biotechnology, pharmaceuticals and academia. The company hopes to launch its first products during 2001 through an industrial partnership.
PamGene’s scientific and technology programs are headed by Alan Chan and Rinie van Beuningen. Both bring extensive experience in product and application development in research and commercial arenas. Dr. Henk van Damme is the co-inventor of PamGene’s microarray technology. All were closely involved in the successful development of Akzo Nobel’s nucleic acid diagnostics program.
Arthur Andersen and Andersen Legal have provided management team support during PamGene’s start-up phase and negotiations with venture capital groups.
PamGene was founded in December 1999. Management can be contacted directly for additional information.
Tim Kievits, Chief Executive Officer PamGene
Tel: +31 73 6158080
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Daan van der Heyden, CFO, PamGene
Tel: +31 73 6158071
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