Novasite Pharmaceuticals Inc, a majority-owned subsidiary of Applied Molecular Evolution Inc (AME) has signed a Series B private financing round expected to be $2.25 million with Crabtree Ventures LP, a venture firm and a previous investor in Novasite. The funds will be used to commercialize Novasite''s Structure-Function approach to the discovery of highly selective small-molecule drugs.
"We are gratified by the leadership that Crabtree Ventures has provided as a returning investor and anticipate that this financing, combined with continued federal grants and corporate collaborations will enable Novasite to deliver new, highly selective and potent drugs candidates from its technology," stated William D. Huse, Chief Executive Officer of Novasite.
"Novasite leveraged its $2.25 million Series A financing with $5.7 million in NIH grants to develop a powerful and functional technology platform. With this Series B financing, Novasite is poised to make the transition to a company that applies its powerful technology to discover high-quality drug candidates," commented John Richards, Managing Member of Crabtree Ventures LLC, and a member of the Novasite Board of Directors.