Proceeds to Go Toward Studying Anti-Obesity Food Ingredient
NEW BRUNSWICK, N.J., Feb. 16 /PRNewswire/ -- WellGen, Inc., a biotechnology company using nutrigenomics to discover and develop plant-based wellness products, announced the completion of its Series B financing totaling $3MM. 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.
WellGen's Obesity Program is based upon the study of a proprietary gene panel comprised of carefully selected genes that are directed at affecting 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.
"We are pleased with the results that we are seeing and that our shareholders have confidence in WellGen's ability to identify, develop and successfully commercialize consequential ingredients for the wellness market," said David Evans, WellGen's CEO.
Amphion Innovations plc (AMP.L), a company that builds and operates companies in the life sciences and medical technology markets, was lead investor in WellGen for this round. Richard Morgan, CEO of Amphion, said, "Nutrigenomics has the potential to play a formidable role in the nutrition industry and we expect WellGen to establish themselves as the market leader through their patented screening technologies. We're excited about WellGen's prospects and are happy to increase our investment."
About Amphion Innovations plc
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. On the Web: www.amphionplc.com
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. Please visit our website at www.wellgen.com for more information.