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DrKC leads new investors in Inpharmatica

The drug discovery company has raised £31.25m in a second round private placement managed by CSFB.

Inpharmatica, the informatics driven drug discovery company, has completed a £31.25m private placement. Set up in 1998, it is now valued at £56m and expects the cash to see it through to a listing on a stock exchange.

The placement was led by Dresdner Kleinwort Capital, the European private equity provider. Other new investors included Abingworth Management, Advent Venture Partners, Dutch VC house Gilde Investment and Vertex Management (Singapore).

Genentech Inc, an NYSE-listed licensee of the Biopendium proteomics information resource made a strategic investment. 3i, Unibiot Limited and GIMV, the company's principal investors prior to the oversubscribed placement, participated significantly. The fundraising was led by CSFB.

Commenting on the fundraising, Patrick Banks, Finance Director, said: 'Inpharmatica is now well placed to take further advantage of the genomic and proteomic data currently being generated. The money raised will fund our transition from being a pure information provider into a drug discovery company in our own right.'

Daniel Green, Director at Dresdner Kleinwort Capital, added: 'Inpharmatica combines an ability to analyse the latest discoveries in genomics with a determination to translate that knowledge into new medicines. It is led by a team whose track record shows it knows how to do that successfully. Inpharmatica's products are in demand around the world from both pharmaceutical and biotechnology companies.'