$10 million in hand is worth... well, a heckuva lot. Just ask Ann Arbor-based NanoBio. The biopharmaceutical company that develops anti-infective products and vaccines just received another $10 million in funding from the venture capital firm Perseus.
This latest investment brings Perseus overall funding at $30 million over 18 months. It comes after NanoBio, a University of Michigan spin-off, validated the efficacy and safety of its two treatments for skin infections and then demonstrated the strength of its influenza vaccine.
NanoBio has also received another $31 million in government grants, contracts and angel investments since its founding in 2000.
Correspondingly, it has expanded its employee base from eight to 18 in the last 18 months. Better yet, most of those new jobs have been filled by people once employed by Pfizer.
The firm has also doubled is research space near the old Pfizer campus on Ann Arbor's northeast side in the last few months and is looking at adding more space. That all depends on how business goes of course, but NanoBio officials are optimistic about those prospects.
"We have some very encouraging data in animal research for vaccines," says John Coffey, the vice president of business development for NanoBio.
Source: John Coffey, the vice president of business development for NanoBio
Writer: Jon Zemke
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