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Seattle Accelerator adds $5 million to fund biotech startups

November 14, 2008 /

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Biotechnology incubator Accelerator has snagged a commitment of about $5 million from a new investor to fund additional startups.

Accelerator, a Seattle-based incubator for biotechnology companies, snagged a commitment of about $5 million from a new investor to fund additional startups.

The commitment will bring to $27 million for the Accelerator’s third round of investment, dubbed Accelerator III. The investor, PPD, is a large contract clinical research and development company based in Wilmington, N.C.

Accelerator Chief Executive Carl Weissman said PPD’s expertise "should make a huge impact" in its farm team of young biotechs.

By Ángel González

Seattle Times business reporter

Full Story: http://seattletimes.nwsource.com/html/businesstechnology/2008388848_accelerator14.html

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