WellGen completes $3M funding proceeds
The capital raised will provide additional resources for WellGen to begin clinical studies in humans under its Obesity and Inflammation Programs.
24/02/06 Amphion Innovations plc, the developer of technology and life sciences businesses, announces that one of its portfolio companies, WellGen, Inc., a biotechnology company using nutrigenomics to discover and develop plant-based wellness products, has completed its Series B financing totaling $3M.
The capital raised from this latest round of financing will provide additional resources for WellGen to begin clinical studies in humans under its Obesity and Inflammation Programs, aimed at developing and bringing to market a variety of new and promising nutritional products on which the company is working. Investors in this round of financing include both new and existing WellGen shareholders. Amphion's $1M investment, previously announced in August 2005, brings its ownership stake in the firm to 19%.
WellGen's Obesity Program is based upon the study of a proprietary gene panel comprised of carefully selected genes that are known to be associated with obesity. Functional food ingredients coming out of this program are anticipated to control weight via a gene-controlling mechanism of action that is different from those of other products on the market. Encouraged by animal studies that were completed in late 2005, WellGen anticipates beginning human clinical studies during 2006.
Amphion Innovations plc recently listed on the AIM Exchange in London under the symbol AMP. Amphion's business is the formation, financing, management and development of life science and technology companies, working in partnership with corporations, governments, universities, and entrepreneurs seeking to commercialize their intellectual property.
WellGen, Inc. is a biotechnology company that is developing products for food, therapeutics, and dietary supplement markets. WellGen's technical platform is a method of screening the effect of food and related substances on the expression of genes associated with human health conditions. The company has developed proprietary substances that help reduce risk and severity for a variety of diseases.
