Invenra snags $2 million, expects to raise $1 million more soon

Invenra snags $2 million, expects to raise $1 million more soon

By Jeff Buchanan, Xconomy

invenra_logo_3d_webBiotech startup Invenra has raised $2 million in new equity financing. The cash will be used as “operating capital” as the cell-free antibody maker continues to add employees and line up sales prospects, vice president of business development Mark Kubik said Wednesday.

The company, based in Madison, WI, is one of a select few using cell-free protein expression to develop therapeutic monoclonal antibodies.

Twenty-eight investors participated in the latest round, all of whom had previously given Invenra money, said Kubik.

“That’s a testament to the fact that we are being very careful about the promises we’re making to those investors,” he said. “We delivered on those promises and that’s why all of them wanted to re-up in this round.”

Invenra, founded in 2011, has raised more than $8 million to date, a total that figures to jump when the company closes on another $1 million in debt financing, which Kubik said will likely happen in the next month. Read more …