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news.Leading life sciences company WellGen has announced the completion of its Series B financing totaling $3 million. 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.
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The programs aim to develop and bring to market a variety of new and promising nutritional products. 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.
“Our shareholders have confidence in WellGen’s ability to identify, develop and successfully commercialize consequential ingredients for the wellness market,” said David Evans, WellGen CEO.
The lead investor in WellGen for this round is Amphion Innovations, an operator of companies in the life sciences and medical technology markets. 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.”