Cohesive Technologies Inc. completes an initial close of private financing for its $8.5 million Series B round
Franklin, MA - April 8, 2003
Cohesive Technologies Inc. completes an initial close of private financing
for its $8.5 million Series B round
FRANKLIN, Mass., April 8 – Cohesive Technologies Inc. (www.cohesivetech.com) announced today that it has completed an initial close of its Series B financing led by Psilos Group Partners as its newest venture capital investor. The round also included a strategic investment from Mitsubishi Corporation, as well as a follow-on investment from existing investor Oxford Bioscience Partners.
“I’m gratified at the confidence our investors share and the assurance they’ve placed in us. I look forward to continuing to expand our significant relationships with our pharmaceutical and biotechnology partners,” said Cohesive’s President and Chief Executive Officer, Peter H. Glick.
Mr. Glick added, “Oxford Bioscience and Dauphin Capital Partners have been very supportive throughout our growth and we look forward to close collaboration with Psilos and Mitsubishi.”
Jeffrey M. Krauss, Managing Member of Psilos Group Partners said, “We look forward to working with Cohesive’s management and current investors to maximize the significant opportunities that Cohesive’s unique technology and premier customer base present. He added, “Cohesive represents our first investment in the analytical instrument sector, which we view as an exciting area within our overall healthcare investment strategy.” Mr. Krauss will be joining Cohesive’s Board of Directors.
Cohesive will use proceeds from the financing to address near-term growth opportunities in both the pharmaceutical and biotechnology industries for bioanalysis and the purification of monoclonal antibodies. The Company will also consider participation from an additional investor in the current round, in order to more fully exploit these expansion opportunities.
Cohesive’s high throughput liquid chromatography systems have been shown to dramatically increase speed and reduce costs of bioanalytical testing for drug discovery and development. Researchers from Merck, GlaxoSmithKline, Eli Lilly, and several other major pharmaceutical companies have published results of up to a four-fold increase in sample throughput using Cohesive’s multiplexing and patented TurboFlow® technology. The Company has over 250 systems installed worldwide. The Company’s investors include Oxford Bioscience Partners, Dauphin Capital Partners, Thomas Weisel Partners, and now Psilos Group Partners and Mitsubishi Corporation.
Cohesive Technologies develops, manufactures, and markets novel liquid chromatography systems and chemistries for the pharmaceutical, biotechnology, and clinical diagnostic marketplace. These products have made Cohesive a leader in creating new tools for high-throughput bioanalysis. Detailed information about Cohesive Technologies’ products and technology can be found on its web site, which also has a bibliography of publications by Cohesive customers describing their successful use of the technology.
Psilos Group Partners is a New York City-based venture capital firm focusing on investments in the healthcare sector. Founded in 1998, Psilos currently has over $230 million under management, including a recently launched SBIC investment vehicle as a subsidiary to its Psilos II fund. Psilos principals apply their significant entrepreneurial, operating and investment experience to help portfolio companies establish themselves in the marketplace and build their long-term growth potential. Psilos is currently investing from its Psilos II SBIC fund, with a focus on revenue stage and later stage companies.
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