Abeome Corporation, a biotech company developing antibody technology, has closed on its first venture financing.
The firm, which had earlier received $200,000 in grants from the Georgia Research Alliance for technology Partnership, said in a statement that Georgia Venture Partners and ATDC Seed Capital fund had made investments.
TechJournal South reported that the investments totaled $350,000.
The funding follows several recent commercial contracts, including a research and development and commercialization contract with Novocell. The Novocell agreement involves potential drug development and also technology to help researchers sort and screen stem cells. Novocell focuses on stem cell engineering.
Abeome has licensed proprietary technology related to improvement of monoclonal antibodies from the University of Georgia.
"Finding the optimal antibody for a therapeutic target is challenging. Abeome’s technology vastly improves the chances of finding that one-of-a-kind antibody that can make the difference," said Mike Wanner, Abeome’s chief executive officer, in a statement.