- Press Release - Biotrin International
bhenry at biotrin.ie
Thu Apr 18 06:43:42 EST 1996
93, The Rise
April 17th 1996
Biotrin Raises £3.6 million in Equity
Biotrin completes second round of financing to fund company growth.
Contact: Dr Joe Mason
Director of Corporate Development
Phone: 353 1 283 1166
email: jmason at biotrin.ie
Wednesday 17th April, 1996 - Dublin, Ireland - Biotrin Holdings Limited
announces the successful completion of its second round of financing,
which raised IR£3.6 million ($5.5 million) through the issue of new
shares. The companys existing investors Biotechnology Investments
Limited, ICC Ventures and FORBAIRT participated in the round and were
joined by three new investors, Delta Partners, IIU Limited and New York
Life Insurance Company.
Dr Cormac Kilty, Biotrins President commented: "We are delighted to
have completed this round, which firmly establishes Biotrins financial
position. The investors have given a great vote of confidence in the
company, its people and its products. The new funds will be used to
fund US approvals for our product ranges, to complete the development
of our home tests for transplantation patients and to develop our rapid
assay for organ selection."
Biotrin Holdings Limited was founded in 1992 to develop and commercialise
proprietary biomarkers for the assessment of organ damage. Biotrins
ranges of HEPKIT(R) and NEPHKIT(tm) biomarkers are based on the unique
tissue specificity of different forms of the protein Glutathione-S-Transferase
and are sold in the liver and kidney transplantation markets.
While currently addressing a hospital testing market worth $30 million,
Biotrin has recently developed rapid assays for the detection of rejection
by transplant patients in the home, with a market potential of more than
$200 million. The companys research and development, manufacturing and
marketing headquarters are in Dublin, Ireland and it has sales
subsidiaries in Germany and France. Biotrin currently employs a
staff of 51 people.
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