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ChemCodes raises $1m more

BT Catalyst, June, 2002

ChemCodes Inc. of Durham recently raised an additional $1 million in funding, bringing the total raised so far from venture capitalists to $8.5 million.

The latest investor, Emerging Technology Partners of Rockville, Md., joins Intersouth Partners of Durham and Noro-Moseley of Atlanta, which made their investments last November.

At that time, Intersouth also contributed a former Glaxo Wellcome vice president to temporarily lead the company through a period of change.

Robert Bell, Ph.D., a part-time venture partner at Intersouth, is now helping ChemCodes form collaborations with pharmaceutical, biotechnology and chemical companies for the discovery of novel compounds with drug-development potential.

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ChemCodes was founded in 1999 by scientist Pablo Scolnik with technology licensed from Glaxo Wellcome and some financial assistance from the North Carolina Biotechnology Center. The company went on to receive nearly $7 million in angel and federal funding.

For more information visit the company's Web site at www.chemcodes.com.

Technology Industry

ChemCodes raises $1m more

BT Catalyst, June, 2002

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