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Print Edition StoriesMonday, August 25, 2008
Startup Proteostasis pulls in $45M in first funding
David Pendergast, the former CEO who led Transkaryotic Therapies through its sale to Shire Pharmaceutical Group, has helped new startup Proteostasis Therapeutics Inc. raise $45 million in its first round, the company said.
Proteostasis was founded on the research of Jeffrey Kelley of the Scripps Research Institute in California and Susan Lindquist of the Whitehead Institute for Biomedical Research at MIT.
Leading the round was HealthCare Ventures of Cambridge, with participation by Fidelity Biosciences, as well as Genzyme Ventures and Novartis Option Fund, the venture investment units of Genzyme Corp. and Novartis AG, respectively.
Pendergast, listed as CEO of Proteostasis, led TKT through its transition into the Human Genetic Therapies unit of Shire. He came on board in 2005 after previous CEO Michael Astrue resigned in protest of the sale. He left Shire HGT in late 2007, replaced by Mass High Tech Women to Watch honoree Sylvie Gregoire.
Other companies backed by HealthCare Ventures include Critical Therapeutics Inc. of Lexington, FoldRx Pharmaceuticals Inc. of Cambridge and U.S. Genomics Inc. of Woburn.
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