Signature BioScience raises $43 million

Signature BioScience of the USA, a development-stage biotechnologycompany which says it is creating a next-generation drug screening technology platform, has raised $43 million in its fourth round of funding, led by SG Capital Partners of New York. The placement brings the total amount of funds raised by the company since its inception in late 1998 to more than $64 million.

Signature intends to use the money raised firstly to acquire novel targets and chemical libraries to initiate expansion of the company's efforts into drug discovery, as well as organically expanding the company's infrastructure. In addition, it will be "actively seeking out and evaluating potential acquisition targets to complement its existing technology and attain critical mass."

Mark McDade, Signature's chief executive, said that the firm's progress over the past six months "is a testament to both the revolutionary utility of our technology and the capabilities of the new team in place to begin to deliver on its promise.'' He added that, "in today's tight fundraising climate, this new infusion of capital by a world-class group of investors is strong validation of the strength of our technology, business plan and vision.''