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Inproteo to build off spin-outs
June 5, 2006Building on successes from the past four years, Inproteo LLC is shifting its business direction to focus on two of its spin-out companies, Prosolia and Tienta Sciences.
In 2002, Eli Lilly and Co., Purdue University and Indiana University contributed a total of $12 million in seed funding to establish Inproteo, which has since generated an additional $3.4 million in licensing revenues and formed the two firms that commercialize intellectual property originally developed by the founding institutions.
"After evaluating the achievements of Inproteo and the two spin-out companies, we determined that our resources are now best focused on these two companies," said Inproteo president and chief executive officer Peter Kissinger.
"Prosolia and Tienta represent the success of the BioCrossroads initiative, and that is to build new businesses based on existing life sciences strengths. We will look to leverage the past successes into future opportunities."
Kissinger also is chairman and chief executive officer of Bioanalytical Systems Inc., a pharmaceutical development company located at the Purdue Research Park in West Lafayette.
Since Inproteo was formed four years ago:
Prosolia develops and markets revolutionary analytical and preparative chemistry tools that enhance and expand the use of mass spectrometers.
Tienta Sciences develops proprietary biomolecular sensing systems that address unmet needs in the life science and clinical diagnostic industries.
"Inproteo has been crucial is the development of other life sciences businesses, including our own, INCAPS," said BioCrossroads president and chief executive officer David Johnson.
"Drawing on the strengths of assets like Tienta, Prosolia, Lilly, IU, Purdue and INCAPS, and the talent found at these organizations, we are certain that the legacy of Indiana as a leader in protein analysis research and development will continue."