Pharma

Drug discovery startup Carmolex raises $600k in equity

A drug discovery startup that lays claim to “the largest chemical libraries in the world” has raised $600,000 in equity, according to a regulatory filing. Pittsburgh-based Carmolex says its library contains compounds “never seen before,” giving it an advantage over competitors whose libraries are biased toward historical targets. Similar to some clinical research organizations, Carmolex […]

A drug discovery startup that lays claim to “the largest chemical libraries in the world” has raised $600,000 in equity, according to a regulatory filing.

Pittsburgh-based Carmolex says its library contains compounds “never seen before,” giving it an advantage over competitors whose libraries are biased toward historical targets.

Similar to some clinical research organizations, Carmolex operates its drug-discover projects on a fee-for-service model.

While the company performs design and computational work at its Pittsburgh headquarters, its synthetic chemistry services are done in China and India.

CEO Rafael Velez didn’t return a call.

Other principals with the company include: Alexander Domling, chair of drug design at the University of Groningen in the Netherlands, and Carlos Camacho, a University of Pittsburgh biology professor.

The company has not previously filed any fundraising documents.

The $600,000 in funding was sourced from one investor, according to the regulatory document.