Theraclone Snaps Up $10.6M Financing

Xconomy Seattle — 

Theraclone Sciences acting CEO Steve Gillis dropped a hint earlier this week that he was looking to close another $10 million in financing for the company, and now it’s official.

Seattle-based Theraclone, the antibody drug discovery shop, is announcing today it has raised $10.6 million in an extension to its Series B financing. The Series B deal, originally announced as being worth $29 million in March 2007, has now grown to a total size of $41 million, Theraclone said. Previous investors Arch Venture Partners, Canaan Partners, MPM Capital, Healthcare Ventures, Alexandria Real Estate Equities, Amgen Ventures, and Zenyaku Kogyo participated in the Series B extension, the company said.

Gillis, a managing director at Arch Venture Partners, has been filling in as CEO of Theraclone since June 2010 when Dave Fanning died suddenly. Earlier this week, Gillis told FierceBiotech that he hopes to recruit a permanent CEO for Theraclone once the financing is done.

Theraclone made news earlier this year when it struck an antibody discovery collaboration with New York-based Pfizer (NYSE: PFE) and when its work toward discovering broadly neutralizing antibodies for HIV was featured in Nature. The company, originally known as Spaltudaq, was founded in 2005 at the Seattle-based Accelerator.

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