NEW YORK, Oct. 27, 2008 (GLOBE NEWSWIRE) -- Promosome LLC, a biotechnology company specializing in innovative technologies related to the regulation of protein synthesis, today announced the successful completion of its Series B Funding Round. Initially seeking $7.5 million, Promosome has been successful in over-subscribing the round to a close of $9.6 million. These funds will be utilized to support the current commercialization efforts for its Translation Enhancing Elements (TEEs) technology as well as advancing other late stage development technologies.
"This funding effort will assure Promosome sufficient runway to complete our commercial objectives for the Translation Enhancing Elements program while allowing for the commercial development of other ongoing, high impact advances in the translation initiation arena," said John Manzello, Promosome's President and Chief Executive Officer. Mr. Manzello went on to say: "During these challenging economic times, Promosome is fortunate to have both its core group of investors and new investors participating in this B round. Demonstrating the ability to not only maintain current investors, but attract new investors, is a testament to the compelling attributes of the technology and the commercial strategies supporting them."
About Promosome
Promosome is a New York City based biotechnology company founded by William J. Gedale and John R. Costantino, to commercialize the discoveries of Nobel Laureate Dr. Gerald M. Edelman and his colleague Dr. Vincent P. Mauro of The Scripps Research Institute (TSRI) in La Jolla, California.
Promosome has made considerable commercial in-roads through biotechnology applications of the technology and the use of its unparalleled understanding of mRNA translation. Based on this understanding, Promosome will launch a number of other significant biotech based applications for bioproduction enablement and DNA Vaccines.
Promosome has established a Research Funding and Option Agreement (RFO) with TSRI and the laboratories of Dr.'s Edelman and Mauro that will continue to fill Promosome's commercial application pipeline. Promosome has already taken a world-wide exclusive license for the TEEs Technology and intends to attain the same license for more TSRI based inventions within the next calendar year.
For more information on Promosome's TEE technology, and Promosome corporate information, please visit www.promosome.com.