UPPSALA, Sweden, July 1, 2002 (PRIMEZONE) -- Personal Chemistry today announced the successful completion of a SEK 290 million (just under $30 million) fourth financing round. Health Cap was the lead investor. The participants in this round were current investors: HealthCap, 3i, Investor Growth Capital and SEB Foretagsinvest joined by MVI and SEB Fonder.
"We have established our ability to develop and market Coherent Synthesis(TM)," commented Hans Johansson, CEO, "this additional funding will permit Personal Chemistry to continue the development and expansion of Coherent Synthesis and to develop the sales and support operations within our markets. This round of funding proves that despite the overall market conditions there is still funding available for companies that deliver on their plans. We are very pleased that our current shareholders continue to show significant support of our business strategy and delighted that they will be joined by new shareholders: MVI and SEB Fonder."
Coherent Synthesis incorporates innovative chemistry methodology, software, automation, microwave technology and reagents to speed up chemical reactions by between 10 and 1000 times, often with an increased yield of the compound. In addition to the increased speed and yield, the technology may solve complex chemistry problems that were previously very difficult to undertake using traditional methods.
Personal Chemistry is a private Swedish company that develops and markets Coherent Synthesis, a complete solution for faster chemistry development within medicinal and combinatorial chemistry. The company has its headquarters in Uppsala and subsidiaries in Boston (U.S.), Cambridge (U.K.) and Konstanz (Germany). Personal Chemistry currently employs 100 people of whom more than 40 are chemists. The company was founded by Dr Soren Nygren and financed by HealthCap in 1998. 3i, Investor Growth Capital, Bank Invest, MVI and SEB are investors in Personal Chemistry.