SOURCE: Protein Discovery

March 25, 2008 12:15 ET

Protein Discovery, Inc. Completes $10 Million Private Equity Financing

Funds Will Accelerate Market Entry of Mass Spectrometry Sample Preparation Products

KNOXVILLE, TN--(Marketwire - March 25, 2008) - Protein Discovery, Inc., a developer and marketer of products that simplify biological sample preparation for mass spectrometry applications, today announced that the company has closed a $10 million Series C round of equity financing. The investment was led by Santé Ventures and was joined by previous investors, including Memphis Biomed Ventures, the Southern Appalachian Fund, and the Nashville Capital Network. Protein Discovery will use the funds to boost market entry activities of its flagship product, the Passport™ 1200 Sample Prep System.

"Protein Discovery has developed a unique product that significantly improves the otherwise cumbersome process required to prepare biological samples for mass spectrometry analysis in common life science R&D applications such as protein biomarker discovery and small molecule quantification," said Kevin Lalande, managing director of Santé Ventures. "By simplifying multiple sample preparation steps into a single-step, parallel format disposable cartridge, the product allows customers to generate more reliable data faster, easier, and at a lower cost. The technology addresses a key pain point, which combined with a quality management team, makes Protein Discovery a promising investment for us." Mr. Lalande will join Protein Discovery's Board of Directors.

The Passport System is used to prepare clinically relevant biological samples for analysis by mass spectrometry. Up to 96 samples can be prepared for analysis in less than an hour, compared to days using existing techniques. The system is in use at six leading mass spectrometry centers throughout the world and was presented in two invited oral presentations in March 2008 at the Pittsburgh Conference. The first peer-reviewed journal publication outlining the scientific foundation for the technology was published in Analytical Chemistry in March, 2008.

"There's still too much 'artistry' involved in conventional methods of sample preparation for mass spectrometry," said Chuck Witkowski, president and chief executive officer of Protein Discovery. "By directing our efforts toward simplifying the process, we aim to allow mass spectrometry to grow steadily into exciting high-volume clinical applications. Kevin and his colleagues at Santé are the perfect partners to help us implement this vision and accelerate commercialization of our innovative products."

About Protein Discovery

Protein Discovery is a privately held life science company that provides products that simplify and accelerate the preparation of complex biological samples for analysis by mass spectrometry. For additional information, please visit www.proteindiscovery.com.

About Santé Ventures

Santé Ventures is a specialized venture capital firm founded in 2006 by a group of partners with deep healthcare investment and operations experience. In addition to capital, the firm provides its portfolio executives with additional healthcare domain expertise, an extensive network of relationships and singular industry focus. Santé invests exclusively in early-stage companies developing innovative new medical technologies and healthcare services. For more information, please visit www.santeventures.com.

Contact Information


  • CONTACT:
    Chuck Witkowski
    Protein Discovery, Inc.
    tel 865-521-7400
    Email Contact