Covalys Closes Series C Round of Financing

Covalys Biosciences AG today announced the closing of its series C round of financing.

Witterswil, Switzerland (PRWEB) March 16, 2006 -- Covalys Biosciences AG (www.covalys.com) today announced the closing of its series C round of financing. Covalys offers products based on the SNAP-tag™ technology for to study proteins for drug development and life science research. The investors include renowned Swiss venture capitalists BVgroup Private Equity, Novartis Venture Fund and Venture Incubator, which all had participated in previous investment rounds. In addition, several private investors joined Covalys’ shareholders.

“We are very happy with the outcome of this round of financing,” said Christoph Bieri, CEO of Covalys. “These funds will enable us to further drive the market penetration of our growing panel of tools for protein research.” The company’s proprietary SNAP-tag technology is the first self-labeling multi-purpose protein tag and enables a broad range of applications from cell imaging to protein interaction studies. “Given our current and ongoing partnerships with other technology providers, we are now in an excellent position to accelerate the adoption of the SNAP-tag technology as a standard tool for protein research, both in industry and in academia,” adds Bieri.

About Covalys Biosciences AG (www.covalys.com):

Covalys provides products that help researchers in academic institutions and pharmaceutical and biotech companies to improve the efficiency of research into proteins and their function. Its SNAP-tag technology is the first commercially available protein tag which covalently links itself to any chemical probe provided as a substrate. Covalys’ technology is exclusively licensed from the Swiss Federal Institute of Technology Lausanne (EPFL). Founded in June 2002, Covalys has headquarters in Witterswil, Switzerland. For more information, visit Covalys’ website: www.covalys.com

Trademarks:

SNAP-tag is a registered trademark of Covalys Biosciences AG.

Media Contact:

Christoph Bieri, CEO

Covalys Biosciences AG

Phone +41 (0)61 725 20 50

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