Althea Technologies Closes $23 Million Financing
1.9.2007 Althea Technologies Closes $23 Million Financing
SAN DIEGO – January 9, 2007 -- Althea Technologies, Inc., a leading provider of innovative technologies and services for pharmaceutical development and manufacturing, announced today that the company has secured a $23 million dollar Series C investment through private equity funds managed by Telegraph Hill Partners. A portion of the proceeds from the investment will be utilized to fund Althea’s aggressive expansion plans with the remainder reserved for general corporate and strategic purposes.
Co-President and Co-CEO of Althea Technologies, Dr. François Ferré stated, “We are very pleased with the significant investment made by Telegraph Hill Partners in Althea and the confidence this conveys. This is an exciting milestone for the company and will allow us to dramatically expand our infrastructure, bolster our service offerings and accelerate facility construction to meet the strong client demand for cGMP manufacturing and testing services.”
Matt Mackowski, Managing Director of Telegraph Hill Partners said, “Althea Technologies enjoys a wonderful reputation as a premier service provider to the biotechnology and pharmaceutical industries. Althea is positioned squarely at the crossroads of gene-based medicine and biopharmaceutical development with the unique combination of expertise, technology and compliance required to serve this growing sector. We are delighted to work closely with Althea as it grows in capacity and capabilities to serve the expanding pharmaceutical development market.” Dr. Deval A. Lashkari and Matt Mackowski of Telegraph Hill Partners have joined Althea Technologies’ Board of Directors.
About Althea Technologies, Inc.
Althea Technologies, a leading San Diego-based pharmaceutical services firm, provides critical manufacturing and development services that support researchers worldwide in their advancement of novel therapies and efforts to apply new genomic information. Althea’s services include cGMP contract manufacturing of recombinant proteins, DNA-based therapeutics and vaccines, aseptic filling, and gene quantification using real-time PCR and gene expression analysis under GLP conditions. Additionally, Althea has introduced new services and technologies for the identification and development of genetic biomarkers with innovative programs such as the company’s proprietary Express Pathway℠.
About Telegraph Hill Partners
Telegraph Hill Partners, based in San Francisco, CA, is a private equity investment firm specializing in life science and medical device businesses. The firm targets investments in private companies that demonstrate strong financial performance and innovative products or services. Additional information can be found at www.thpartners.net.