San Francisco drug developer Prosetta
announced that it brought in $5 million in second-round funding to begin clinical trials on its lead compounds. All of the contributors were individuals, reports VentureWire.
So far, the company has resisted raising venture capital, relying solely on angel investors to cushion itself from the economic downturn. Most of its projects remain secretive, but it says its currently working on small molecules that could disrupt the synthesis of the protein coats that protect viruses.
Previously, Prosetta raised $8 million in first-round funding. It says that most of its research and development financing comes from government grants and contracts.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.