Genstruct Completes $6.5 Million Series A Financing
CAMBRIDGE, Mass. September 8, 2003 – Genstruct, a biological-mechanism discovery company, today announced the completion of $6.5M in Series A financing co-led by A. M. Pappas and Associates (Research Triangle Park, NC) and Flagship Ventures (Cambridge, MA). These funds will be used to expand Genstruct's technical and business teams, build intellectual property around the company's enabling technology, and conduct internal discovery programs. As a result of the financing, Art Pappas, Managing Partner of A. M. Pappas and Associates, has joined Genstruct's Board of Directors.
Genstruct deploys its mechanism discovery platform – Molecular Epistemics™, independently and in partnerships with pharmaceutical companies to streamline drug discovery and improve clinical trial design and implementation. The Molecular Epistemics platform builds logical models of biological systems that uncover and define compound mechanisms of action and disease mechanisms. This platform is comprised of two key technologies; Knowledge Assembly™, a proprietary process that creates computable knowledge maps of biological systems, and the Epistemics Engine™, an advanced modeling and simulation platform for biological systems analysis. To date, Genstruct has focused primarily on the areas of oncology, inflammation, cardiovascular and metabolic diseases. The company believes that the identification of disease compound mechanisms and Type I biomarkers in these areas will ultimately lead to better target choices, optimal clinical trial design and execution, and faster FDA product approval.
"Given the complexity and enormity inherent in biological systems, the ability to assemble knowledge models and to use these models to identify pharmacological effects is increasingly becoming impeded by human cognitive barriers," commented Genstruct President and CEO Keith Elliston, Ph.D. "At Genstruct, we have developed a computational platform to quickly build comprehensive knowledge models that can be rigorously interrogated in a pharmacological context to reveal potential mechanisms of drug effect and disease progression. We expect this capability will significantly enhance the value that can be extracted from the large investments already made in genomic, proteomic and metabolite analysis throughout the pharmaceutical industry and ultimately lead to the development of more effective drugs."
"We are delighted to have Art join Genstruct's Board. Art's extensive experience in the pharmaceutical industry will prove to be invaluable as Genstruct executes its business plan moving forward." said Noubar Afeyan, Senior Managing Director and CEO of Flagship Ventures.
Genstruct was founded in 2001 by Flagship Ventures working together with a team of experienced entrepreneurs and scientists that currently includes: Keith Elliston Ph.D, (formerly of Viaken Systems, Merck and Gene Logic), Navin Chandra ScD. (formerly of Perot Systems), Atul Butte M.D. (Children’s Hospital), and Michael Masterson (formerly of Parexel).
Founded in 2001, Genstruct is a biological mechanism discovery company that has developed a platform for drug mechanism of action and biomarker discovery called Molecular Epistemics. This platform is comprised of two core technologies that enable the modeling and analysis of compound MOA – Knowledge Assembly and the Epistemics Engine. Genstruct is developing discovery and development partnerships that apply Molecular Epistemics to accelerate discovery and approval, and to increase the output of drug discovery and development programs. The Company was co-founded by Flagship Ventures, based in Cambridge, MA. For more information visit www.genstruct.com.
About Flagship Ventures
Founded in 1999, Flagship Ventures is an entrepreneurship and venture capital firm comprising a family of funds: OneLiberty Funds, AGTC Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 21 professionals focused on creating, financing, and building companies in the life science, information technology and communications sectors.
About A.M. Pappas and Associates
A. M. Pappas & Associates is an employee-owned, international life science venture development company known for an innovative business model that combines a specialized transactional advisory business with investment management. The company's Fund Management group has approximately $150 million under management and is currently deploying its most recent venture capital fund. AMP&A's Transaction Advisory group provides a broad range of licensing, M&A, technology assessment, and other advisory services to the life science industry and has represented more than 100 different companies in the U.S. and Europe over the past five years.