ProStrakan raises L22 million

ProStrakan (Galashiels, UK) raised L22 million ($39.6 million) in a venture round led by shareholders LMS Capital; 3i; and Innoven Partenaires. Other investors included Quest for Growth, company employees and existing individual investors. ProStrakan was formed in June through the merger of Strakan and ProSkelia (see BioCentury Extra, Tuesday June 8, 2004). Former ProSkelia investors Warburg Pincus and sanofi-aventis ([Euronext:SAN; SNY) did not take part in the round in order to allow the former Strakan institutional investors to recoup some of their dilution under the merger. ...