Protagen raises $1.5M to expand protein biochip unit

January 23, 2008 — Protagen AG has announces the closing of an interim financing round of €1 million (about $1.5 million) to expand the company’s protein biochips business unit.

The capital raised in this round has come from existing institutional investors, MIG AG and Co KG Beteiligungsfonds 3, Munich, and S-Venture Capital Dortmund GmbH, as well as from a new investor, Kreditanstalt für Wiederaufbau (KfW). This latest funding brings the total amount of venture capital financing raised by Protagen since 2004 to €5.3 million (about $7.8 million).

The UNIchip protein biochip range was launched onto the market in September 2005, and has experienced increasing demand from biotech and pharmaceutical companies, the company said in a news release.

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