Ceptyr Closes $11.5 Million Equity Investment to Fund PTP Discovery
Ceptyr is focused on using its understanding of protein tyrosine phosphatases (PTPs) to discover, develop, and commercialize new classes of small molecule pharmaceuticals in the therapeutic areas of immunosuppression, type II diabetes, obesity, and oncology. To accomplish this, the company has recruited a number of individuals who have contributed innovative research on PTPs. In addition, Ceptyr has assembled a scientific advisory board that includes leaders in the PTP field.
"Our goal is to develop the first PTP-based therapeutic," said Nick Tonks, co-founder and chief scientific officer of Ceptyr. "This recent round of investment provides Ceptyr with additional resources needed to accelerate the company's drug discovery program, giving us the opportunity to reach this goal."
The company has identified PTPs as potential therapeutic targets and has established a technology platform for drug discovery, which includes high throughput screening assays and biochemical and cell-based assays to assess and select compounds with the greatest potential for drug development. The company has identified a number of lead candidate compounds with application in the areas of immunosuppression and type II diabetes.
Ceptyr has raised $16.1 million in equity capital. The funds raised in the Series C round will support the company's programs for lead discovery and the expansion of its management and scientific team.
Ceptyr, a privately held corporation, began operations and development of its proprietary technology platform in December 1995 as Charybdis Corp.
For more information: Williams S. Ettouati, President and CEO, Ceptyr Inc., 22215 26th Avenue SE, Bothell, WA 98021. Tel: 425-486-4317. Fax: 425-485-9026.