Joseph D. Keegan, President and CEO, to Present at UBS Global Life Sciences Conference
MENLO PARK, CA, September 23, 2008 — ForteBio®, Inc., a leading supplier of label-free technology that accelerates the development of life science and pharmaceutic products, today announced the closing of $25 million in Series C financing, led by OrbiMed Advisors, a top global healthcare investment firm. MPM Capital also participated as a new investor in this financing round, as did existing investors Alloy Ventures, Versant Ventures, The Vertical Group and Latterell Venture Partners.
“With this new financing, ForteBio is well-positioned to continue to introduce industry-leading products, expand our market globally and achieve profitability,” said Joseph D. Keegan, Ph.D., president and chief executive officer of ForteBio. “We are also delighted to add such renowned life science investors as OrbiMed Advisors and MPM Capital to our team and strongly value the continued support of our existing, highly-respected investors.”
Since launching its Octet® QK System in late 2005, ForteBio has grown rapidly. It now has 11 biosensors (consumables) on the market and counts all of the leading biotechnology companies and 18 of the top 20 pharmaceutical companies as customers, many of which have purchased multiple systems. This year ForteBio introduced its Octet RED system and additional biosensors, expanding its quantitation applications and broadening its small molecule kinetics capabilities. The company also added a European direct selling team and numerous distributors throughout the world this year in order to better serve its growing global pharmaceutical, biotechnology, academic and government customer base.
“We are pleased to become involved with a company of ForteBio’s caliber, which has already demonstrated strong market success and has quickly become a leader in advancing life science development and bioprocessing,” said Jonathan Wang, Ph.D., managing director, Asia, for OrbiMed Advisors. “We are eager to support Dr. Keegan and his strong management team as they drive the company to achieve its potential.” Dr. Wang, along with Kazumi Shiosaki, Ph.D., of MPM Capital, will join the ForteBio board of directors.
ForteBio also announced today that Dr. Keegan will present an update on company activities at the UBS Global Life Sciences Conference on Wednesday, September 24, 2008, at 2:30 p.m. EDT. His presentation will take place in Ballroom A at the Grand Hyatt Hotel in New York City. A live audio webcast of the presentation will be available at http://events.streamx.us/US/event/eventdetails.aspx?id=ubs20080922 and will be accessible until October 25, 2008.
About OrbiMed Advisors, LLC
OrbiMed is the world’s largest life sciences and healthcare-dedicated investment firm, with approximately $5 billion in assets under management. Since inception of its private equity investment activities in 1993, OrbiMed has successfully invested in close to 100 companies across a wide range of therapeutic categories and stages of development. OrbiMed’s investment team includes approximately 30 experienced professionals with backgrounds in science, medicine, industry, finance and law. OrbiMed’s professionals work together using a collaborative, team-oriented approach to support our portfolio companies, which has earned OrbiMed a reputation as a capital provider of choice for life sciences companies of all stages. OrbiMed has established the first pan-Asia life sciences-dedicated venture capital fund and has opened offices in Shanghai and Mumbai. For more information, visit www.OrbiMed.com.
About ForteBio, Inc.
ForteBio is a venture-capital funded life science company providing analytical systems to accelerate life science development. These systems enable real-time analysis of biomolecular interactions, providing information on affinity, kinetics and concentration. ForteBio‘s analytical capabilities enable significantly easier, faster and better characterization of drug candidates, thus providing greater value in drug development applications where existing methods have limitations in throughput, performance and cost. The company is headquartered in Menlo Park, California, with wholly owned subsidiaries in London and Shanghai. For more information, visit www.fortebio.com.
Contact Information :
Joseph D. Keegan, Ph.D.
President and CEO