Spain's SOM Biotech reports progress and closes first financing

Barcelona, Spain-based start-up company SOM Biotech reports significant progress on its trajectory towards pipeline development and candidate out-licensing.

On January 1, SOM closed its first round of venture capital acquisition in which the Barcelona investment company INNOVA31 SCRSA and six business angels participated. The total volume invested exceeds 750,000 euros ($1.0 million). The new capital will be used to fund in silico discovery of new candidate compounds, preclinical investigations of candidates that have already been identified, and patenting. A second investment round is tentatively scheduled for late 2011.

First patent application filed