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AMBRYX INC. ANNOUNCES COMPLETION OF INITIAL FINANCING AND NAMES ADDITIONAL BOARD MEMBERS
SAN DIEGO (May 7, 1999) -- Ambryx Inc. announced today the completion of initial seed financing for the company. The funding was raised through investments with some of the premiere venture capitalists and business leaders in the biotechnology industry. Investors include Domain Associates, Kingsbury Associates and Kevin J. Kinsella, President and Chief Executive, Ancile Pharmaceuticals. Paul Grayson, President and CEO said, "Ambryx is fortunate to have such a strong group of initial sponsors. This will give the company enough resources to aggressively build our intellectual property portfolio and pursue our commercialization plans."
In conjunction with this funding, Jim Blair of Domain Associates, Tim Wollaeger of Kingsbury Associates and Kevin Kinsella will join Dr. Lubert Stryer and Paul Grayson as members of the Ambryx Board of Directors. "Ambryx will greatly benefit from the experience of these leaders in the biotechnology industry", said Dr. Stryer, Chairman of the Ambryx Board.
The company plans to move forward faster than originally expected to establish research facilities and execute their internal research program. Current discussions with potential corporate partners and other sponsors are expected to facilitate this aggressive strategy.
Ambryx is dedicated to becoming the world leader in the discovery and commercialization of products and services relevant to chemosensation in a broad range of markets including consumer food, cosmetic, therapeutic, household, agricultural and industrial applications. The company is assembling a matrix of technologies including proprietary chemoreceptors involved in the detection, quantification, signal transduction, and perception of mediators and modulators of taste, olfaction and other sensory modalities. Ambryx has an exclusive agreement with the University of California regarding a set of novel molecules involved in the biology of taste, including two candidate taste receptors. Ambryx will utilize a range of recent advances in cellular and molecular biology, genomics, combinatorial chemistry, biomolecular screening, informatics and other areas to create a new type of company. If developed to their full potential these technologies will profoundly impact the world, enhancing the quality of life for consumers.
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