Wednesday, September 24, 2008

MPM Capital adds to ForteBio’s $25M Series C round

By Mass High Tech Staff

Boston-based venture capital firm MPM Capital has participated in the $25 million Series C closing funding round of Menlo Park, Calif., company ForteBio Inc. ForteBio, an analytical systems provider for the life sciences and pharmaceutical industries, plans to use the financing to expand global marketing of its biosensors.

The funding was led by OrbiMed Advisors LLC, a health-care investment firm. In addition to new investor MPM Capital, ForteBio also received financing support from existing investors Latterell Venture Partners, Alloy Ventures, Versant Ventures and The Vertical Group.

ForteBio developed the Octet QK System in 2005, grew its biosensor line to 11 products and now offers the Octet RED system. In growing the company, ForteBio also added global distributors and a European sales presence.

MPM Capital calls itself “the world’s largest life science-dedicated venture investor,” with more than $2.5 billion in managed capital through its MPM BioVentures and MPM BioEquities funds. The firm gravitates its financial support toward biotechnology, biopharmaceuticals, specialty pharmaceuticals and medical devices.