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Biotech Firm GangaGen Gets $1.8M From ATEL Ventures

09 October, 2008

Bangalore, Canada and US-based biotechnology company GangaGen Inc has raised $1.8 million in second round of funding from , a San Francisco based venture fund. GangaGen is developing bacteriophage-based remedies for some of the bacterial infections, particularly the infections that are resistant to antibiotics. 

Phages are highly specific, naturally occurring agents that invade bacteria and destroy them. The first observation of phage was made in the Indian river Ganges from where the company owes its name. Some of the major issues it is addressing are contamination of meat products and water supplies by bacterial pathogens. 

GangaGen has two subsidiaries viz. GangaGen Biotechnologies Pvt. Ltd., Bangalore (India) and GangaGen Life Sciences Inc., Ottawa (Canada). GangaGen is a biopharmaceutical research & development company focused on the development of novel therapies against antibiotic-resistant bacterial infection, for medical, veterinary, agricultural and environmental applications. It also has several patents in its area of R&D.

Formed in 2000 by J Ramachandran, GangaGen has earlier raised $2 million from angel investors and $5 million from ICF Ventures. In a release, the company said that the funding will be used to support the growth of GangaGen’s product lines that are aimed at treating antibiotic-resistant infections.

“The rise of super bugs and the need for antibiotic alternatives make this an excellent opportunity,” said Steve Rea, Executive Vice President at ATEL Ventures, a division of ATEL Capital Group. “We are confident that we will soon be seeing GangaGen’s innovative approach revolutionize the treatment of antibiotic resistant bacterial infections such as Methicillin-resistant Staphylococcus aureus (MRSA).”

 


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Biotech Firm GangaGen Gets $1.8M From ATEL Ventures

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