ForteBio is pocketing $25 million from its third round of venture capital. OrbiMed Advisors led the round with MPM Capital, Alloy Ventures, Versant Ventures, The Vertical Group and Latterell Venture Partners joining in. The company makes biosensors used in drug discovery work conducted by biopharma companies. According to a statement, the company counts "all of the leading biotechnology companies" and 18 of the top 20 pharma companies as customers.
"With this new financing, ForteBio is well-positioned to continue to introduce industry-leading products, expand our market globally and achieve profitability," said Joseph D. Keegan, Ph.D., president and chief executive officer of ForteBio. The company is based in Menlo Park, CA and has subsidiaries in Shanghai and London.
- check out the ForteBio release