Contact: Lawrence Cook
March 19, 2012
State Senator Beth Bye (D-West Hartford) today welcomed news that—with the help of a $750,000 state investment—Synbody Biotechnology Inc. has relocated from the Philadelphia region of Pennsylvania to the burgeoning bioscience hub that is Farmington, Connecticut.
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development, announced that it has made a $750,000 investment in Synbody Biotechnology through CI’s Seed Investment Fund.
Synbody Biotechnology is a startup biotechnology company established to advance a novel drug discovery platform that utilizes unstructured, synthetically produced peptides to generate ‘Synbodies’ (synthetic antibodies). The patent-pending Synbody technology has a broad range of potential therapeutic application areas including oncology, cardiovascular, central nervous system, diabetes and infectious disease.
“I’d like to welcome Synbody Biotechnology to Farmington, a town that continues to expand as an important bioscience hub for Connecticut,” Sen. Bye said. “The type of technology that SBI is working on addresses a real need in the medical marketplace, and it will benefit the residents of Connecticut and patients around the world. This is exactly the kind of business venture we envisioned for Connecticut if we made the right investment in bioscience and the health sciences. And we did.”
“We are delighted that Synbody Biotechnology chose to relocate to Connecticut and join the state's growing bioscience community. Our investment in SBI directly supports Governor Malloy’s goal to strengthen Connecticut's bioscience capacity and make Connecticut a hub for bioscience and biotechnology,” said Claire Leonardi, chief executive officer and executive director of CI. “Through the University of Connecticut’s Technology Incubation Program, SBI will be able to work collaboratively with UConn scientists and leverage their expertise in order to advance this exciting technology.”
“SBI technology has broad applicability toward therapeutic and proteomic discovery and is ideally suited to capitalize on and contribute to Connecticut’s leadership in personalized medicine and biotechnology,” said Paul Hallenbeck, Ph.D., SBI’s president, chief executive officer and co-founder. “We are truly delighted to be here and look forward to working closely with our partners at CI and within the Connecticut biotechnology community.”
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