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Synthematix Gets Seed Capital And More From New Catalysta Fund

BT Catalyst, Feb, 2001

Synthematix of Morrisville and other start-up biotechnology companies in the area have a new option for hard-to-find seed capital.

Synthematix, a developer of software tools for the drug-discovery process, became the first biotechnology-related company to receive a needed $200,000 infusion from Catalysta Ventures of Durham.

In addition to the funding, Synthematix also received a president and CEO as part of Catalysta's mission to provide small amounts of cash and consulting to new life science and information technology companies.

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Clay Thorp, who has served in top positions at the former Novalon Pharmaceutical Corp. of Durham and Xanthon Inc. of Durham, is filling the top post at Synthematix. Thorp is also a co-founder of Catalysta, along with Mark S. McCurry, John C. Crumpler and Michael A. Jongkind.

The Catalysta Seed Fund will grow to a maximum of $4 million, and will be invested in a roughly 50-50 percent split between the life science and IT sectors. "We will take on fewer companies than some of the other funds in the area, but we will play a bigger role in the companies," Thorp said.

In addition to the Catalysta funding, Synthematix has raised an additional $300,000. Robin Smith, a company co-founder who was previously president of Ryscor Science Inc. of Raleigh, said Synthematix is working to build its staff and take on beta customers.

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Synthematix Gets Seed Capital And More From New Catalysta Fund

BT Catalyst, Feb, 2001

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