 The company began with a seed round from Polaris of $250,000 and then had a Series A venture capital investment of $25 million that it used to open its first laboratory in December 2003.Glenn Batchelder was appointed president and CEO in June 2004.It started its first clinical trial in June 2006; the product was ACE-011 (which eventually was named "sotatercept"), a protein therapeutic that was an activin type 2 receptor antagonist intended to treat bone loss.