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MHT's Emerging Technologies Forum: Health IT and the Cloud
Adimab Inc. has raised $4 million, the Lebanon, N.H.-based biotech reports in a regulatory filing.
Existing backers, which include Google Inc. (Nasdaq: GOOG) venture arm Google Ventures and Polaris Venture Partners of Waltham, gave the company a $520 million pre-money valuation in the deal, doubling the value set in its October 2009 Series D round, the website Xconomy reported, based on an interview with founder Tillman Gerngross.
According to the report, Gerngross said Adimab, which is developing yeast-based antibodies, is growing faster than anticipated, reaching 60 employees this year. The company launched in 2007.
Gerngross, an engineering professor at Dartmouth College, previously founded the biotech company GlycoFi Inc., which he sold to Merck & Co. Inc. for over $400 million.
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