SAN DIEGO, July 24, 2006 – Ambrx, Inc., announced today it has secured commitments for an additional $3 million in Series C financing. This further investment, which was provided by Scottish Widows Investment Partnership, brings the total secured in the Company’s Series C financing to $55 million. Net proceeds will be used to further expand Ambrx’s novel protein modification platform, support the development of its product pipeline and for general working capital purposes.
Ambrx, Inc., is a biopharmaceutical company focused on optimizing existing protein drugs. Using its technology, the company can overcome the performance challenges of high-value commercial proteins by improving their efficacy, safety and ease of use. Ambrx’s core ReCODE™ technology allows for the precise, site-specific substitution of a novel amino acid within a protein. This technology is applicable to multiple protein products across numerous therapeutic areas. Ambrx expects to initiate clinical trials with a long-acting, PEGylated human growth hormone in early 2007, followed by an enhanced, PEGylated interferon alpha molecule. With its innovative approach, Ambrx has successfully bridged the gap between a platform that works and drug development. For additional information, call 858.875.2400 or visit www.ambrx.com.
Ambrx® and ReCODE™ are trademarks of Ambrx, Inc.