Protein visualization company Sidec raises 5 MUSD with US and Swedish investors

14-Sep-2004

Sidec Technologies AB (Stockholm, Sweden) announced that it has secured the further development of its business through the closing of a 5 MUSD financing round. Principal investor is FEI Company, a worldwide leader in electron microscopy. All previous financial investors in Sidec, including Karolinska Investment Fund, Industrifonden and Karolinska Development AB participated in the new financing round. Sidec Technologies AB provides services to help pharmaceutical and biotech companies visualize protein conformations and interactions in a biological context. This unique service offering is based on the Sidec(TM) COMET technology, developed by Prof. Ulf Skoglund from the Karolinska Institute in Stockholm. The company is now in an active phase of market penetration and the venture capital will enable the company to build its commercial operations in Europe and US. "We are very excited about our investment in Sidec", said Mr Vahe Sarkissian, Chairman, President and CEO of FEI Company. "Sidec's technology allows scientists in the Pharma/Biotech industry for the first time to visualize protein conformations directly in a biological context and can hence have a fundamental impact on the drug development process." "We are happy to secure the further development of this promising technology and we are especially pleased to have FEI Company as one of our investors" said Hans Johansson, new CEO of Sidec Technologies. "The close relation to FEI will enable us to build our business with direct access to the forefront in the electron microscopy field. This secures an optimal development of the Sidec(TM) Electron Tomography (SET) process, which includes the Sidec(TM) COMET technology, for the benefit of the Life Science community", he concludes.

https://www.bionity.com/en/news/39580/protein-visualization-company-sidec-raises-5-musd-with-us-and-swedish-investors.html