Protein researcher ProteOptics has received $1 million from Bio-Rad Laboratories (AMEX: BIO; BIO/B) of the US, as the first part of a $5 million financing round. ProteOptics also received $800,000 from Israel-United States Binational Industrial Research and Development Foundation (BIRD-F) for a joint project with Bio-Rad.
ProteOptics CEO Dr. Avi Rotem told "Globes" that the company needs an additional $4 million to complete development of its first product and go on to development its second. Bio-Rad, a developer of life sciences devices, earlier invested $1 million in ProteOptics, and the new investment came after the company proved its feasibility.
ProteOptics develops biological protein chips, based on technology that identifies and measures interactions between proteins and small molecules. The company has developed a two-part system, consisting of an optical system that analyses the readings, and a disposable protein chip that carries out the measurements. One of the system’s application is the measurement of the correction of distortions caused by malfunctioning proteins’ transmission mechanism. The technology helps the understanding of how proteins affect various diseases.
Rotem said ProteOptics’ business model will be based on sales of its system and chips to research institutes. Second generation products will also be sold to pharmaceutical companies. Bio-Rad will market ProteOptics products.
ProteOptics was founded in July 2000 and has 14 employees at its offices at Technion - Israel Institute of Technology.
Published by Globes [online] - www.globes.co.il - on August 22, 2002