Drug Screening Firm Qualyst Lands New Financing
Posted May 4, 2006 5:46 a.m. EDT
RALEIGH, N.C. — Qualyst
, a drug compound screening company founded in 2001, has closed on a $2.75 million round of Series B financing.
Qualyst, a spin-off from the University of North Carolina at Chapel Hill that moved its headquarters to Raleigh in March, had previously disclosed A round financing of $2.75 million. The company has now raised $5.5 million through the B round, which it said was oversubscribed.
Qualyst did not disclose the names of investors.
"Our Series B preferred stock offering was oversubscribed due to investor demand," said Scott Neuville, the firm's chief executive officer. "A large number of Series A investors participated in Series B, and we are delighted that our investors continue to recognize the value of Qualyst's proprietary technologies for drug research and development."
Qualyst has developed proprietary technology for use in drug screening known as ADMET. ADMET stands for absorption, distribution, metabolism and exertion.
The company recently received patent coverage for its B-CLEAR in vitro product technology in Europe. It had already been patented in the U.S.
"Qualyst's compelling products have helped secure additional relationships with some of the world's most respected pharmaceutical and biotechnology companies," Neuville said.