Business & Tech
New High-Tech Startup at LIHTI Nets $12M in Funding
Coferon Inc. gets venture capital funds.
A new biotechnology company based at Stony Brook's is the recipient of $12 million in venture capital funding, according to a report published Wednesday in Newsday.
Coferon Inc. is led by CEO Colin Goddard and chief scientist Lee Arnold, both formerly of OSI Pharmaceuticals, which was sold to a Japanese company in 2010 for $4 billion. The company's mission is to expand technology used to make more potent drugs to fight cancer and other diseases.
"If it is successful in its greatest potential, this could be a whole new class of drugs," Goddard told Newsday.
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