Fluorous Technologies, Inc. Completes $3 Million Series A Investment Round.Business Editors/Health/Medical Writers BIOWIRE2K PITTSBURGH--(BUSINESS WIRE)--June 27, 2003 Chemical technology company Fluorous Technologies, Inc. announced today it has successfully completed a $3 million round of financing from a combination of corporate and angel investors An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. . Existing shareholders investing additional funds in this round include Albany Molecular Research, Inc. (Nasdaq: AMRI AMRI Albany Molecular Research (stock symbol) AMRI Advanced Magnetic Research Institute (Mocksville, NC) AMRI Advanced Materials Research Institute AMRI Adult Movie Review Index ), Dr. Alfred Bader Dr. Alfred Bader was born on April 28, 1924 in Vienna, Austria. Founder of what would later become Sigma-Aldrich chemical company, he is well known as an art-collector and generous donor to his alma maters. , founder of Aldrich Chemical Company, now Sigma-Aldrich Company (Nasdaq: SIAL), as well as Innovation Works, a Pittsburgh-based publicly funded venture capital organization. Among the new investors were the Fairview Fund and other angels. "This new round of investment provides the necessary capital to execute on our strategy to penetrate top tier pharma and biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. companies," said Philip E. Yeske, President and 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 Fluorous Technologies. "With this funding, ongoing NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. grant support and our increasing sales revenues, we are well positioned to further grow our business and move the firm toward profitability. The support of our investors, both existing and new, is greatly appreciated." "My congratulations to the team at FTI FTI Free thyroxine index, see there . They have done a great job of bringing to market a technology that has tremendous potential in the chemical community," said company Director Thomas E. D'Ambra, Chairman and CEO of Albany Molecular Research. "The further investment by Albany Molecular Research in this round is testament to our firm belief in their success." Florri Mendelson, President and CEO of Innovation Works added, "We are excited to support FTI as it grows into one of southwestern Pennsylvania's larger life-sciences companies and moves towards an institutional venture round." Walter E. Segl III, V.P. of Business Development said that this round of investment would also allow FTI to build out its contract chemistry services business. "The early success of our outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. model has convinced us to actively pursue other contract opportunities. Funds from this round will be used to further develop our services infrastructure, allowing us to accept larger, higher value long-term contracts." Fluorous Technologies, Inc. (FTI) is a chemical technology company dedicated to the development and commercialization of fluorous products focused at the life science market. The company uses patented technology to solve synthesis and separation problems spanning the entire drug discovery and development process. FTI further leverages its enabling technology through service contracts, licenses, and collaborations. For more information, please visit www.fluorous.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion