AnaBios Corporation Closes Series A Financing
SAN DIEGO, April 4, 2011 /PRNewswire/ -- AnaBios Corporation, Inc., an innovative contract research organization that deploys assays and develops databases for the assessment of efficacy and safety of drugs, announced today that the company has closed on the first $800 thousand dollar raise of a total Series A investment of up to $2 million dollars from investors led by the Tech Coast Angels. Tech Coast Angels' Angel Capital Entrepreneur (ACE) Fund is also participating. A portion of the proceeds from the investment will be utilized to fund AnaBios' new laboratory facility in San Diego.
CEO and Chairman of AnaBios Corporation, Dr. Jack A. Reynolds stated, "We are very pleased with the significant investment made in AnaBios by Tech Coast Angels and their affiliates and the confidence that this conveys to our clients and employees. This is an exciting milestone for the company and will allow us to dramatically expand our infrastructure and bolster our service offerings to meet the strong client demand for our services."
Dr. Stephen F. Flaim, Vice-Chair of Tech Coast Angels said, "AnaBios and its world-class team enjoy a wonderful reputation as an emerging service provider to the biotechnology and pharmaceutical industries. We anticipate that AnaBios, positioned squarely at the intersection of preclinical and clinical biopharmaceutical development, will significantly de-risk client investments in human clinical trials thereby adding value and providing significant cost savings. We are delighted to work closely with AnaBios as it grows in capacity and capabilities to serve the expanding pharmaceutical and biotechnology market." Dr. Flaim has joined AnaBios Corporation's Board of Directors as the representative of the Series A investors.
About AnaBios Corporation, Inc.
AnaBios Corporation is a unique contract research organization that will deploy assays and develop databases for the testing of efficacy and safety of drugs in development. This novel platform will create a paradigm shift in the pharmaceutical industry by providing relevant data in advance of clinical trials, further enabling decision making concerning compound selection, dosing, risk mitigation and management. These studies at AnaBios will allow pharmaceutical companies to efficiently advance their drug development sequences at a fraction of the cost and time compared to current development paradigms.
About Tech Coast Angels
Tech Coast Angels (TCA), www.techcoastangels.com, is the largest angel investor group in the United States. Its members provide funding and guidance to more early-stage, high-growth companies in Southern California than any other investment group. TCA members invest in companies in a wide range of industries, including the life sciences, biotech, IT, services, retail, Internet, financial, software, media, consumer products and tech startups. TCA members give companies more than just capital; they also provide counsel, mentoring and access to an extensive network of potential investors, customers, strategic partners and management talent. TCA has more than 250 members, including its venture capital affiliates, in five networks in Los Angeles, Orange County, San Diego, Westlake/Santa Barbara and the Inland Empire. More information on investment with Tech Coast Angels can be found at www.techcoastangels.com, www.facebook.com/techcoastangels or twitter.com/techcoastangels.
SOURCE AnaBios Corporation, Inc.