GLYCOFI CLOSES OVERSUBSCRIBED $11 MILLION VENTURE ROUND; NEW BOARD MEMBERS APPOINTED

GlycoFi today announced the closing of an $11 million financing. The financing was oversubscribed and was an extension of a $10 million series C financing which closed in December of 2003. Participating in the additional investment were existing investors including Polaris Venture Partners, SV Life Sciences, Boston Millenia Partners, Fletcher Spaght Ventures, Village Ventures and Borealis Ventures, as well as new investors International Biotechnology Trust, Peninsula Equity Partners, and Eli Lilly & Company. The proceeds of the financing will be used to take GlycoFi's protein optimization technology platform to the next level of commercialization.
Business Wire