News Column

Algal Scientific Completes $3 Million Raise for Biotechnology Commercialization

May 14, 2014



By a News Reporter-Staff News Editor at Biotech Week -- Algal Scientific Corporation, a biotech developer and manufacturer of algae-based chemicals and a supplier of related technologies for the food and beverage industries, announced that it has completed a $3 million financing led by Evonik Ventures, Formation8 Partners, and Independence Equity (see also Algal Scientific Corporation).

"The completion of this funding allows us to begin the commercial scale production and sale of Algamune™, the company's brand of algae-based beta-1,3-glucan, a valuable compound used in poultry, swine, aquaculture and other livestock production, human foods, and nutraceuticals in order to support a healthy immune system," said CEO and Chief Science Officer, Geoff Horst. He explains "Beta-1,3-glucan has been researched for years, but until now it has been too expensive for most livestock applications. Our product can provide higher efficacy and consistency than ever before, with a lower cost, and offers a real alternative to the overuse of antibiotics in food production. We are excited to partner with our lead investors.

"Algal contributes toward sustainable animal nutrition," says Dr. Bernhard Mohr, head of Evonik Venture Capital. James Zhang, joining the board from Formation 8 added, "In order to meet the demand of a growing middle class, China has an ever increasing need of meat and milk products. Algal Scientific's product is a great fit for China and other developing Asian countries."

Keywords for this news article include: Asia, Biotechnology, China, Algal Scientific Corporation.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Biotech Week


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters