Biotechnology commercialization company LaunchCyte LLC has raised just less than $1 million in debt, options and warrants, according to a filing with the Securities and Exchange Commission.
The company has pulled in $927,000 of an anticipated $1.15 million. LaunchCyte first revealed its plans to raise $1.15 million in a May 2009 regulatory document.
LaunchCyte’s model is to discover new technologies, create companies to bring those technologies to market, invest and help the companies land additional capital, then help the companies grow before exiting. That’s pretty similar to most venture firms’ models, though LaunchCytes appears to get involved earlier in the company-formation process than most VCs. Plus, all of LaunchCyte’s six portfolio companies are based in Pennsylvania.
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It’s unclear what plans LaunchCyte has for its latest round of funding. CEO Tom Petzinger didn’t return a call.
LaunchCyte’s portfolio companies include Immunetrics Inc., which develops software for clinical trials, Celsense Inc., which offers real-time imaging of transplanted cells, and Proteopure, which has developed a lab research kit.
Its most promising portfolio company may be Knopp Neurosciences, which is developing a drug to treat Lou Gehrig’s disease. The drug is in Phase 2 trials.
LaunchCyte began in 2000 and has previously received funding from the University of Pittsburgh.
