MENLO PARK, Calif., Sept. 23 ForteBio(R), Inc., a leadingsupplier of label-free technology that accelerates the development of lifescience and pharmaceutical products, today announced the closing of $25million in Series C financing, led by OrbiMed Advisors, a top globalhealthcare investment firm. MPM Capital also participated as a new investorin this financing round, as did existing investors Alloy Ventures, LatterellVenture Partners, The Vertical Group and Versant Ventures.
"With this new financing, ForteBio is well-positioned to continue tointroduce industry-leading products and expand our market globally," saidJoseph D. Keegan, Ph.D., President and Chief Executive Officer of ForteBio."We are also delighted to add such renowned life science investors as OrbiMedAdvisors and MPM Capital to our team and strongly value the continued supportof our existing, highly-respected investors."
"ForteBio has successfully integrated its outstanding innovationcapabilities in the U.S. and low-cost manufacturing capabilities in Asia tocreate superior products, enabling the life sciences industry worldwide," saidJonathan Wang, Ph.D., Managing Director for OrbiMed Asia. "OrbiMed is pleasedto 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 globalleader." Dr. Wang, along with Kazumi Shiosaki, Ph.D., Managing Director of MPMCapital, will join the ForteBio board of directors.
Since launching its Octet(R) QK System in late 2005, ForteBio has grownrapidly. It now has 11 biosensors (consumables) on the market and counts allof the leading biotechnology companies and 18 of the top 20 pharmaceuticalcompanies as customers, many of which have purchased multiple systems. Thisyear ForteBio introduced its Octet RED system and additional biosensors,expanding its quantitation applications and broadening its small moleculekinetics capabilities. The company also added a European direct selling teamand numerous distributors throughout the world this year in order to betterserve its growing global pharmaceutical, biotechnology, academic andgovernment customer base.
ForteBio also announced today that Dr. Keegan will present an update oncompany activities at the UBS Global Life Sciences Conference on Wednesday,September 24, 2008, at 2:30 p.m. EDT. His presentation will take place inBallroom A at the Grand Hyatt Hotel in New York City. A live audio webcast ofthe presentation will be available athttp://events.streamx.us/US/event/eventdetails.aspx?id=ubs20080922 and will beaccessible until October 25, 2008.
About OrbiMed Advisors, LLC
OrbiMed is the world's largest life sciences and healthcare-dedicatedinvestment firm, with approximately $5 billion in assets under management.Since inception of its private equity investment activities in 1993, OrbiMedhas successfully invested in close to 100 companies across a wide range oftherapeutic categories and stages of development. OrbiMed's investment teamincludes approximately 30 experienced professionals with backgrounds inscience, medicine, industry, finance and law. OrbiMed's professionals worktogether using a collaborative, team-oriented approach to support ourportfolio companies, which has earned OrbiMed a reputation as a capitalprovider of choice for life sciences companies of all stages. OrbiMed hasestablished the first pan-Asia life sciences-dedicated venture capital fundand has opened offices in Shanghai and Mumbai. For more information, visithttp://www.OrbiMed.com.
About ForteBio, Inc.
ForteBio is a venture capital-funded company providing analytical systemsto accelerate life science and pharmaceutical development. These systemsprovide quantitation and kinetic information, enabling real-time analysis ofbiomolecular interactions. ForteBio's analytical capabilities allowsignificantly easier, faster and be