Single Cell Technology completes interim funding
26 June 2013
SAN JOSE, CA, June 26, 2013
Single Cell Technology, Inc., a biotechnology company focused on discovery and development of therapeutic antibodies using its proprietary Digital Antibodies engine to facilitate comprehensive multi-host campaigns, today announced that it completed its full interim funding started in January of this year. “We are delighted to have adequate resources to pursue key development experiments that will take our technology to the next level, and to make adequate preparations for our Series A round scheduled for the latter half of 2013,” said CEO and CSO, Chun-Nan Chen, Ph.D.
“I am impressed by what Single Cell has accomplished thus far and I am extremely positive about their intellectual property; I anticipate full interim funding will allow them to move rapidly toward commercialization of their novel technology,” noted Yen-Ming Hsu, Ph.D., CEO of AB Biosciences, Inc., who arranged the majority of the financing.
Specific terms of the funding were not disclosed.
ABOUT SINGLE CELL TECHNOLOGY, INC.
Single Cell Technology (SCT) is a biotechnology company that has developed a new and revolutionary approach to antibody discovery. Their Digital Antibodies engine is able to analyze the kinetics and sequence the mRNA from individual antibody secreting cells. Antibodies are rapidly screened against multiple molecules to measure their affinity and specificity and mRNA from the cognate light and heavy chains are sequenced by Next Generation Sequencing (NGS) technology and correctly paired. In addition to human and mouse cells, SCT’s technology can be applied to any host that concentrates plasma cells in lymphoid tissues. Founders Chun-Nan Chen and Jim Bowlby integrated advances in multiple disciplines, such as wafer fabrication, molecular biology, precision mechanical engineering, nanotechnology, image processing, NGS, and bioinformatics. SCT’s approach substantially decreases the time and investment needed to discover high quality therapeutic and diagnostic antibodies.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The inclusion of forward-looking statements should not be regarded as a representation that either of the companies’ plans or objectives will be achieved. Forward-looking statements involve inherent risks and uncertainties and a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. These factors include, but are not limited to, uncertainties associated with: drug development and regulatory review process, scientific discovery process, competition, pricing environment, financing, intellectual property, and the evolution of the market for innovative antibody discovery. The companies undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.