Life sciences briefing: Tuesday, Oct. 16, 2007 | VentureBeat | News | by David P. Hamilton
Summary
Mendel Biotechnology raises funds for cellulosic-energy production — Hayward, Calif.-based Mendel Biotechnology, a biotech developing new varieties of switchgrass, Miscanthus and poplar for use as biofuels, raised an undisclosed sum in a new funding round. Rules-Based Medicine raises $25M for diagnostics, pays half that to settle lawsuit — Rules-Based Medicine, an Austin, Tex., biotech focused on diagnostics that utilize new “biomarkers” that can be detected in blood samples, raised $25 million in a first financing round. Investors included Equity Group Investments, an investment fund founded by Sam Zell; Cross Creek Capital, the private equity affiliate of Wasatch Advisors; and Stephens Capital Partners. RBM makes diagnostics that can test for hundreds of biomarkers at once in a single drop of blood. The idea is to develop tests that will show whether a drug candidate is likely to have bad side effects down th road.
Classifications
AskAI Classifications
LabelsLinked Companies
