Advanced BioNutrition Corp.'s Latest Round of Funding is Co-Led by Sherbrooke Capital.Business Editors/Biotech Writers COLUMBIA, Md.--(BW HealthWire)--March 20, 2002 Funding will further ABN's product development, and accelerate sales initiatives in Asia, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Sherbrooke Capital Partners, L.L.C. announced that it is co-leading an investment in Advanced BioNutrition Corp. (ABN), an animal health and nutrition company based in Columbia, MD. ABN is a leader in developing nutritional products to promote health and control disease in the fields of aquaculture aquaculture, the raising and harvesting of fresh- and saltwater plants and animals. The most economically important form of aquaculture is fish farming, an industry that accounts for an ever increasing share of world fisheries production. and agriculture. Sherbrooke Capital invested $1.0 million in ABN, co-leading a total equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. of $3.6 million with Eastbourne Capital Management, L.L.C., which is based in San Rafael San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , CA. The round also included investments by the State of Maryland Department of Business and Economic Development and individuals. ABN will use the additional funding to further its product development and accelerate its sales initiatives in Asia and Latin America. Dr. Kyle, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ABN, said, "We are pleased by the confidence that the leading health and wellness fund has taken in ABN. We are on the cutting edge of significant advancements in aquaculture, an area we believe is poised for the kind of growth that agricultural biotechnology has enjoyed over the past 20 years." John Giannuzzi, Managing General Partner of Sherbrooke Capital, said, "We are very excited about our investment in Advanced BioNutrition. We believe that the Company's technology platform has tremendous potential in the aquaculture industry and beyond. We also believe that ABN's management team, under David Kyle's leadership, has the experience, dedication and passion to realize that potential." ABN has applied its science-based technology to develop highly specialized natural nutrition products that initially target the aquaculture industry. It is also developing disease control products that address major health and environmental challenges facing that industry. ABN sells a product line called AquaGrow(R), specialty feeds based on microalgae designed to deliver high dosages of DHA DHA docosahexaenoic acid. DHA, n.pr See acid, docosahexaenoic. , an essential omega-3 fatty acid omega-3 fatty acid n. Any of various polyunsaturated fatty acids that are found primarily in fish, fish oils, vegetable oils, and leafy green vegetables, and that seem to reduce the risk of stroke and heart attack. that has been shown in controlled studies to enhance fish growth and natural immunity natural immunity n. See innate immunity. . In the area of disease management, ABN is developing a unique concept of delivering specific disease control elements to fish and crustaceans via microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. feeds. The goal is to provide farmers with a cost effective and efficacious tool against disease, while at the same time, significantly reduce the usage of antibiotics in this industry. ABN believes that its platform of nutrition and disease control can be expanded to other areas of animal care, including the terrestrial agriculture and companion animal markets. ABN was formed in 2001 by Dr. David Kyle, a co-founder and former Senior Vice President of Research and Development at Martek Biosciences Corporation Martek Biosciences is based in Columbia, MD, and manufactures DHA and ARA which is used in infant formula. Foods Containing Martek Products
During his 16-year tenure at Martek, Kyle invented the technology that resulted in the commercialization of Martek's highly successful DHA- and ARA-based nutritional products. These products are now being added to infant formulas in more than 60 countries worldwide. ABN has in-licensed more than 40 issued patents pertaining to Martek's animal products and technology, including the AquaGrow product line. Introduced in 1999, AquaGrow began to establish an international customer base, which ABN will immediately seek to expand. About Advanced BioNutrition Corp. Advanced BioNutrition (www.advancedbionutrition.com) is a leader in developing nutritional products to promote health and control disease in the fields of aquaculture and agriculture. Advanced BioNutrition applies established biotechnological principles to create proprietary, science-based animal health and nutrition products. The company is headquartered in Columbia, MD. About Sherbrooke Capital Sherbrooke Capital (www.sherbrookecapital.com) is a $100+ million venture capital fund which invests exclusively in the rapidly-growing health and wellness industry. Sherbrooke's investment focus encompasses functional foods and beverages, nutritional ingredient businesses, therapeutic bioactives, prevention and self-care oriented diagnostic product and service companies, healthcare related consumer products and medical information technology. |
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