07 Jul 2006 - NanoMed Pharmaceuticals, Inc. announced that it has closed on its first round of venture financing. The investment was led by the SWMF Life Science Venture Fund, a $50 million private equity fund investing exclusively in promising life science companies having a presence in the Kalamazoo Region.
"Clearly, this is a very important milestone for NanoMed," said Stephen Benoit, President and CEO. "We are honored to be the first company in the SWMF Life Science Fund's portfolio," said Benoit, "and we are extremely pleased to have secured the necessary funding that will enable us to continue our development of nanoparticle-based drugs that we hope will lead to improved outcomes for patients undergoing chemotherapy for AML and breast cancer."
"We have been growing steadily as a life science cluster and this announcement is further evidence of our work towards realizing that success," said Ron Kitchens, Southwest Michigan First Chief Executive Officer and General Partner of the SWMF Life Science Venture Fund.
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