Promosome, LLC, a New York City-based biotechnology company specializing in innovative technologies related to the translation component of protein synthesis, completed a $4.1m Series C financing round. The company intends to use the funds to advance and commercialize its Translational Enhancing Elements (TEEs) and Reengineering of the Primary mRNA Structure (RESCUE) technologies. TEEs and RESCUE are innovative methodologies which enable enhanced protein expression in a variety of relevant bioproduction platforms.
Founded by the Life Sciences commercialization team of William J. Gedale and John R. Costantino, Promosome intends to leverage and commercialize the discoveries of Nobel Laureate Dr. Gerald M. Edelman, Dr. Vincent P. Mauro and their colleagues at The Scripps Research Institute (TSRI) in La Jolla, California, where the company has recently established a developmental laboratory facility.
Promosome has closed a Research Funding and Option Agreement with TSRI and the laboratories of Drs. Edelman and Mauro.
In addition, the company established a technology license and equity relationship with Recopharma AB of Stockholm, Sweden and is currently advancing additional partnering and evaluation relationships with industry-leading contract manufacturers, biopharmaceutical and industrial bioproduction based companies.
FinSMEs
25/01/2011