By E. Janene Geiss
Philadelphia, Oct. 26 - ForteBio, Inc. said Wednesday that it raised $17.3 million in a series B placement of preferred stock.
The Vertical Group, a New Jersey-based venture capital firm focused on medical technology and biotechnology, was the lead investor. The company's existing investors - Agilent Ventures, Alloy Ventures, Latterell Venture Partners and Versant Ventures also participated in the financing.
The company said it plans to use the capital raised to fund the marketing and sales organization needed for the launch of Octet, the company's first product, Winnie H. Wan, president and chief executive officer of ForteBio, said in a company news release.
"In addition, we will continue our investments in further applications for our current instrument platform and in the development of our next generation of instrument products," Wan added.
Octet, which is expected to launch in the fourth quarter of this year, is a system for measuring the number and movement of biomolecules. It will be initially positioned to accelerate the selection and characterization of therapeutic antibodies and proteins, officials said.
ForteBio is a Menlo Park, Calif., life sciences company providing tools for the detection and analysis of biomolecules and their interactions.
| Issuer: | ForteBio, Inc.
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| Issue: | Series B preferred stock
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| Amount: | $17.3 million
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| Investors: | The Vertical Group (lead), Agilent Ventures, Alloy Ventures, Latterell Venture Partners, Versant Ventures
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| Announcement date: | Oct. 26
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