AUSTRIA – Atlas co-leads EUR 14m ProtAffin financing
Atlas Venture and SR One Ltd, the corporate venture fund of GlaxoSmithKline, have co-lead a EUR 14m Series-B round of financing for biotechnology company ProtAffin AG, alongside existing investors Aescap Venture, Entrepreneurs Fund and Z-Cube.
The company raised a EUR 4m Series-A financing round in 2007, which was led by Aescap Venture Management. ProtAffin has also raised EUR 2m in non-dilutive financing in Austria in seed finance and product development grants.
ProtAffin AG develops biopharmaceutical products that act by targeting cell-surface glycan structures that target inflammation and oncology. The company currently has 16 employees in its offices and labs in Graz and a corporate office in Vienna. ProtAffin plans to increase head-count to 27 by the end of 2009.
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