NanoBio nails down $22 million to finance future growth

NanoBio has some breathing room research-wise now that that it has locked down million of dollars in new financing. The Ann Arbor-based firm is expected to use its latest $22 million investment to fund the next two years of its clinical trails.”It will fund several activities,” says John Coffey, vice president of business development for NanoBio.That funding includes different phases of clinical trails of new drugs for acne, herpes and influenza. Right now the company’s staff of 20 people (at the same level as the last time we checked in last fall) will handle that research. Coffey sees the company adding another 4-5 people within the next year or two.NanoBio, a University of Michigan spin-off, has taken in $60 million in private equity since 2006, including $30 million late last year. Source: John Coffey, vice president of business development for NanoBioWriter: Jon Zemke