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SmithKline complement protein research spin-off AdProTech raises $7.9 mil. in venture capital.

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Executive Summary

SMITHKLINE BEECHAM COMPLEMENT PROTEIN RESEARCH SPIN-OFF ADPROTECH will begin operations with $7.9 mil. ([pound]5 mil.) in venture capital funding from 3i, Alta Berkeley Associates and Prelude Trust. SB's divestiture plan for its complement protein research program will give AdProTech a portfolio of patents, associated research assets and a group of key researchers in exchange for a 10% stake. SmithKline funded a six-month change-over period that ended in July, during which AdProTech's operations were supported by SB and the new firm continued to work at SmithKline's facilities. SB will not provide continuing financial support.

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This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

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