Joseph D. Keegan, President and CEO, to Present at UBS Global Life Sciences
MENLO PARK, Calif., Sept. 23 /PRNewswire/ -- ForteBio(R), Inc., a leading supplier of label-free technology that accelerates the development of life science and pharmaceutical products, today announced the closing of $25 million in Series C financing, led by OrbiMed Advisors, a top global healthcare investment firm. MPM Capital also participated as a new investor in this financing round, as did existing investors Alloy Ventures, Latterell Venture Partners, The Vertical Group and Versant Ventures.
"With this new financing, ForteBio is well-positioned to continue to introduce industry-leading products and expand our market globally," said Joseph D. Keegan, Ph.D., President and Chief Executive Officer of ForteBio. "We are also delighted to add such renowned life science investors as OrbiMed Advisors and MPM Capital to our team and strongly value the continued support of our existing, highly-respected investors."
"ForteBio has successfully integrated its outstanding innovation capabilities in the U.S. and low-cost manufacturing capabilities in Asia to create superior products, enabling the life sciences industry worldwide," said Jonathan Wang, Ph.D., Managing Director for OrbiMed Asia. "OrbiMed is pleased to provide its strong resources in both the U.S. and Asia to support Dr. Keegan and his excellent management team to build ForteBio into a global leader." Dr. Wang, along with Kazumi Shiosaki, Ph.D., Managing Director of MPM Capital, will join the ForteBio board of directors.
Since launching its Octet(R) QK System in late 2005, ForteBio has grown
rapidly. It now has 11 biosensors (consumables) on the market and counts
all of the leading biotechnology companies and 18 of the top 20
pharmaceutical companies as customers, many of which have purchased
multiple systems. This year ForteBio introduced its Octet RED system and
|SOURCE ForteBio, Inc.|
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